Read More: Asia’s lamentable green response to Covid-19
ING published a report on August 11, 2020, about national recovery and stimulus spending in the Asia-Pacific region. The analysis highlights that most countries in the region, with the exception of New Zealand and Singapore, have hardly included any green stimulus measures in their economic recovery packages. Notably, the report presents data that demonstrate that Indonesia, the Philippines, Thailand, and Taiwan have not provided any green stimulus. Similarly, Australia and Japan have included close to 0% of green stimulus into their COVID-19 recovery packages.
While discussing potential reasons for the lack of green stimuli, the report concludes:
“There don’t seem to be any clear reasons why countries in Asia-Pacific have not taken a greener route to Covid-19 stimulus. A lack of imagination enhanced by lower cultural weights placed on environmental sustainability than on economic growth and wealth creation probably explains part of this outcome. That said, research suggests that in many if not most cases, green stimuli can deliver a stronger boost to the economy than other policies and generate a greater number of jobs. So, if this is the reason, it may well be a misguided one.”