The ‘green’ aspect of President Obama’s recovery plan has fallen short of expectations.
The $100 billion allocated to green measures representing just under 13% of the total package falls way short of the benchmark set in a recent report led by economist Nick Stern, that green measures should account for 20% of global economic recovery plans. It also fails to meet the UN target of 1% of GDP. This is especially shameful given that South Korea has devoted two-thirds of its $36bn recovery package to green investment. China too has allocated one-third of its $580bn recovery plan to green measures such as energy efficiency. (Source: The Guardian)
On the flip side, the environmentalists are celebrating. Their view is that a few percentage points here or there does not matter given the relatively quick passage of the recovery plan. Earl Blumenauer, a Congressman from Oregon and a champion of the environment says that just a year ago, the U.S. was still in denial on many environmental issues.
What are your views? Are you disappointed or ecstatic? Does the recovery plan provide the ‘green’ that it promised?