【英文】瑞信报告：全球ESG股票策略：超越疫情大流行，实现绿色复苏（99页）

Green stimulus is the application of policies and measures to stimulate short-run economic  activity while at the same time preserving, protecting and enhancing environmental and climate  both near term and longer term. The focus in the definition is on measures to increase short-run  economic activity with lasting beneficial environmental impacts. The fundamental premise is that  “win-win” outcomes can be achieved for the economy and the environment. So far, the signs  that governments will ‘hold the line’ on green recovery policies are encouraging. EU Green Deal Investment Plan In January, the EC announced a €1 tn Green Deal Investment Plan for the next decade, to  be financed through several mechanisms (predominantly the EU Budget, but also through other  mechanisms such as via the EIB, private investment, member-state financing and the Just  Transition Mechanism: see Figure 7). In May the EC announced Next Generation EU, a  recovery package of €750bn (€500bn in grants and €250bn in loans, raised by borrowing from  financial markets to be repaid across 2028-58) which alongside a reinforced budget takes  the ‘financial firepower’ of the EU budget to €1.85tn, supporting not only economic recovery  but also the energy transition and digital transition within Europe.  

Building renovation and energy efficiency: The EU aims to triple the current renovation  rate, which stands at around 1% of the building stock. With the recovery plan, the  Commission now wants to achieve faster renovation of buildings, noting that it is a  requirement for a net climate neutral EU. One aspect of the Work Programme is the  Renovation Wave to modernise buildings and critical infrastructure which will be presented in  detail “after the summer” and will contain a complementary ‘European Renovation Financing  Facility’ of €350bn p.a. in investments. Priority will go first to public sector buildings,  especially hospitals and schools, as well as social housing and other forms of low income  dwellings, but will switch to private residential buildings through €50bn in financing support  for Green Mortgages. The Commission may also revise its state aid rules in order to provide  an enabling framework for public authorities to support high quality renovation. Considering  academic findings on the benefits of green construction projects based on assessments of  implemented policies following the GFC (delivers higher economic multipliers, high shortterm job creation, less susceptible to offshoring to imports, etc.), such policy is well chosen  to deliver not only economic recovery but also support for the Green Agenda.