Page 279 - Low Carbon Development in China and India

budget was allocated to green themes, mostly rail, grids, and water
infrastructure, along with spending on environmental improvement.
Table 2.1 depicts the stimulus packages by various countries and the
climate change investment in the economic stimulus plans.

Table 2.1: Stimulus Packages and Green Investment (USD Billion)

Countries Stimulus package Low carbon Other Total
9.3
Australia 43.8 9.3 2.8
216.4
Canada 31.8 2.5 0.3 7.1
13.8
China 647.5 175.1 41.3
36
France 33.7 7.1 0.8
0.8
Germany 104.8 13.8 36.3
3.7
India 13.7 94.1
22.8
Japan 639.9 36

Mexico 7.7 0.8

South Africa 7.5 0.7 0.1

Korea 38.1 14.7 21.6

Britain 34.9 3.7 0.1

USA 787 78.5 15.6

EU 38.8 22.8

Source: Barbier (2010)

Figure 2.1 shows different actors in the global financial architecture. It
is important that the multilateral financial regime recognizes the need
for engaging with global financial regulatory frameworks such as the
Bank for International Settlements, International Monetary Fund, and
International Accounting Standards Board.
It is the policy side which takes a pre-eminent position on such
matters which are considered as provisioning of public goods.
However, the scale required in terms of public goods for climate action
may show various attributes which will not be completely sufficient
under a public finance outlay format. The question is whether the
private sector would be interested in such implementation frameworks
and what would incentivize them to work towards operationalizing
the same?
According to a survey of the World Economic Forum in 2015 (WEF
2015), major investment side players, across the world, are increasingly
worried about extreme weather events and recognize climate change

244 Low Carbon Development in China and India