Wonju health authorities are fighting COVID-19. Provided by Wonju
Last year, major countries in the world spent 14.600 trillion dollars (about 6,000 trillion won) in financing to overcome Corona 19, but an analysis found that only 18% of them spent on eco-friendly fields. The results of a joint analysis by Oxford University in the UK and the United Nations Environment Program (UNEP) on the 11th show that the 50 countries around the world, including the United States, China, Korea, the United Kingdom, France, and Germany, have supported economic stimulus and disaster support to overcome last year’s COVID-19. It was found that both direct and indirect expenditures amounted to $1.4 trillion. Of these, only $341 billion (approximately 388 trillion won) was found to have been used in fields that could be classified as eco-friendly. The eco-friendly expenses spent last year were mainly used to develop low-carbon energy, improve building energy efficiency, and support subsidies for electric vehicles. Last year, 66.1 billion dollars (about 75 trillion won) was invested in the low-carbon energy field, and 86.1 billion dollars (about 98 trillion won) was spent in the green transportation field, including subsidy for electric vehicles, public transportation, bicycle, and walking facilities. 35.2 billion dollars (about 40 trillion won) was spent on improving the energy efficiency of the building. Most of the $341 billion invested in the green sector was spent in a few high-income countries. Regarding Korea’s fiscal expenditure, investments in renewable energy such as wind, solar, and hydrogen and smart grids through the Green New Deal were positively evaluated. At the same time, however, it was pointed out that despite the fact that Korea is investing considerable finances to recover from Corona 19 damage and boost the economy, the proportion of investment in eco-friendly sectors is low compared to the amount of fiscal expenditure. The researchers who participated in the analysis advised that if large-scale financial expenditures are needed to overcome Corona 19, it should be used in a sustainable direction to catch two rabbits: responding to climate change and recovering the economy. “The government could use this moment to ensure long-term economic, social and environmental prosperity,” said Brian O’Callerhan, principal researcher at Oxford University’s Economic Recovery Project. The opportunity to recover wisely is not over yet.” Cameron Hepburn, professor of environmental economics at Oxford University, said, “We know that a green recovery will not only win the climate but also the economy. Now we need to continue with the green recovery.” By Kim Min-je, staff reporter