Improving the Impact of Fiscal Stimulus in Asia: An Analysis of Green Recovery Investments and Opportunities

This report by the Climate Policy Initiative and Vivid Economics analyzes the 'greenness' of COVID-19 recovery stimulus packages in five Asian countries—India, Indonesia, the Philippines, Singapore, and South Korea—using the Greenness of Stimulus Index (GSI). The study finds that most of these nations are not sufficiently incorporating climate considerations into their fiscal responses, with 'dirty' stimulus often outweighing green measures.

• Between February 2020 and the time of the report, India, Indonesia, the Philippines, Singapore, and South Korea announced a combined total of USD 884 billion in COVID-19 recovery stimulus packages.
• South Korea provided the largest total stimulus package at USD 333.7 billion, followed closely by India at USD 332.9 billion. In terms of the share of GDP, Singapore provided the largest recovery package at 24%, followed by South Korea (20%), India (12%), Indonesia (6%), and the Philippines (4%).
• The analysis indicates that most analyzed countries are failing to prioritize green outcomes in their stimulus. South Korea has the highest share of green stimulus measures at 53% of environmentally related measures, while India allocated 31% and Indonesia 4%. The Philippines and Singapore are reported to have included no commitment toward green outcomes.
• The report concludes that 'dirty' stimulus outweighs green measures in almost all analyzed cases. To improve this, the authors recommend that governments increase the size of stimulus for environmentally beneficial outcomes, integrate green conditionalities for bailouts of damaging activities, and introduce a wider range of support such as R&D subsidies and tax reductions for green products.

APA

Climate Policy Initiative (2021). Improving the Impact of Fiscal Stimulus in Asia: An Analysis of Green Recovery Investments and Opportunities. https://www.climatepolicyinitiative.org/publication/improving-the-impact-of-fiscal-stimulus-in-asia-an-analysis-of-green-recovery-investments-and-opportunities/

Chicago

Climate Policy Initiative. Improving the Impact of Fiscal Stimulus in Asia: An Analysis of Green Recovery Investments and Opportunities. 2021. https://www.climatepolicyinitiative.org/publication/improving-the-impact-of-fiscal-stimulus-in-asia-an-analysis-of-green-recovery-investments-and-opportunities/.

Wikipedia

{{cite report |author=Climate Policy Initiative |title=Improving the Impact of Fiscal Stimulus in Asia: An Analysis of Green Recovery Investments and Opportunities |date=17 February 2021 |url=https://www.climatepolicyinitiative.org/publication/improving-the-impact-of-fiscal-stimulus-in-asia-an-analysis-of-green-recovery-investments-and-opportunities/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatepolicyinitiative2021improving, author = {{Climate Policy Initiative}}, title = {{Improving the Impact of Fiscal Stimulus in Asia: An Analysis of Green Recovery Investments and Opportunities}}, institution = {Climate Policy Initiative}, year = {2021}, month = feb, url = {https://www.climatepolicyinitiative.org/publication/improving-the-impact-of-fiscal-stimulus-in-asia-an-analysis-of-green-recovery-investments-and-opportunities/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }