World economies urged to keep their post-covid recovery and stimulus packages green.
India’s $260 billion post covid-19 stimulus package has been hailed as ‘impressive.’ Representing 10% of the country’s GDP it is said to be the largest so far among the developing countries. However, a study comparing stimulus packages from 17 countries examining their effects on biodiversity and climate change ranked India as the fifth worse performer on the ‘Green Stimulus Index.’
India’s stimulus package appears to support oil and coal, and the current ‘brown’ trajectory of its manufacturing and energy industries. The study asserts that India’s stimulus package will have an adverse impact on the environment.
Some of the biggest global institutions have been urging world economies to keep their post-covid recovery and stimulus packages green to prevent fuelling an increase in the emission of greenhouse gases. In India, the lockdown lead to 100 million job losses. The order to restart industry on 5 May 2020 led to multiple accidents on the first day as business were not given time to check the status of machinery to ensure it could be operated safely. At least 12 people were killed when styrene leaked from a factory in Andhra Pradesh and its vapours spread to across the local area.
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