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Nicoletta Batini, Mario di Serio, Matteo Fragetta, and Mr. Giovanni Melina
This paper estimates multipliers for spending in clean energy and biodiversity conservation to help inform stimulus measures for a post-COVID-19 sustainable recovery. Using a new international dataset, part of which was especially assembled for this analysis, we find that every dollar spent on key carbon-neutral or carbon-sink activities—from zero-emission power plants to the protection of wildlife and ecosystems—can generate more than a dollar’s worth of economic activity. The estimated multipliers associated with green spending are about 2 to 7 times larger than those associated with non-eco-friendly expenditure, depending on sectors, technologies and horizons. These findings survive several robustness checks and suggest that ‘building back better’ could be a win-win for economies and the planet.
Nicoletta Batini, Mario Di Serio, Matteo Fragetta, Mr. Giovanni Melina, and Anthony Waldron

protection of wildlife and ecosystems—can generate more than a dollar’s worth of economic activity. The estimated multipliers associated with green spending are about 2 to 7 times larger than those associated with non-eco-friendly expenditure, depending on sectors, technologies and horizons. These findings survive several robustness checks and suggest that ‘building back better’ could be a win-win for economies and the planet. JEL Classification Numbers : C11, H50, O44, P18, Q00, Q01, Q20, Q43, Q50 Keywords : green multiplier, green stimulus, clean energy, conservation

Nicoletta Batini, Mario Di Serio, Matteo Fragetta, Mr. Giovanni Melina, and Anthony Waldron

, A. , Miller , D. , Redding , D. et al. , 2017 . “ Reductions in global biodiversity loss predicted from conservation spending .” Nature , 551 : 364 – 367 . Waldron et al. , 2020 . “ Working paper analyzing the economic implications of the proposed 30% target for areal protection in the draft post-2020 Global Biodiversity Framework ”. https://www.conservation.cam.ac.uk/files/waldron_report_30_by_30_publish.pdf Walley , N. and B. Whitehead , 1994 . “ It’s Not Easy Being Green ”, Harvard Business Review, May-June 1994

International Monetary Fund

law and represents roughly one-third of total federal outlays, including almost all defense expenditure, salaries and other operating expenses of government, and many grant programs. The BEA defines limits (or “caps”) in nominal terms for specific discretionary spending categories for each fiscal year over a five-year period, with separate caps set for budget authority and actual outlays. Presently, there is a cap for overall discretionary spending, as well as separate caps for highway, mass transit, and conservation spending, but at different times during the 1990s

Kell Michael

present, there is a cap for overall discretionary spending, as well as separate caps for highway, mass transit, and conservation spending, but at different times during the 1990s, either a single cap for all discretionary spending or separate caps for different spending categories have applied. The legislation allows for breaches of the caps in the case of “emergencies.” Pay-as-you-go (PAYGO): The PAYGO requirement covers tax receipts and mandatory, or direct, spending. Mandatory spending is controlled by permanent laws and includes Medicare, Medicaid, unemployment

Nicoletta Batini, Mario Di Serio, Matteo Fragetta, Mr. Giovanni Melina, and Anthony Waldron

subsidies to sustainable and land regenerative goals is key for policymaking and budgetary decisions. The impulse responses in Figure 3 indicate that the effect of a shock to conservation spending is long-lasting, similarly to the shock to green spending in the energy sector, implying that for this sector too, the economic contribution of a stimulus can generate durable economic benefits, in addition to the mitigation and carbon-sink gains from preserving wildlife. By contrast, the effect of a spending shock to support industrial farming activities is considerably

International Monetary Fund
This Selected Issues paper presents updated IMF staff estimates of potential output growth for the United States, using data through 2001 that incorporates the full cyclical upswing of the 1990s and the subsequent mild recession, as well as taking into account the revisions to the national accounts released in July 2000. The paper also reviews recent investment trends and provides estimates of the extent to which the capital stock has deviated from its long-term equilibrium.