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HSBC Global Research: A Climate for Recovery

April 15, 2009

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This report analyzes a green stimulus worldwide.

As governments struggle to revive their economies, they are also seeking to lay the foundations for the next phase of growth. Increasingly this is being linked with the climate change agenda, with a sizeable slice of fiscal stimulus plans allocated to launching a low-carbon recovery.

We have analysed more than 20 economic recovery plans and categorised the spending and tax-cutting measures according to the 18 investment themes identified in the HSBC Climate Change Index. This reveals that around 15% of the USD2.8trn in fiscal measures can be associated with investments consistent with stabilising and then cutting global emissions of greenhouse gases.

We have identified five key questions that need to be answered: is the green stimulus large enough, when will it materialise, is it really green, how many jobs will be created and how effective will it be in mobilising private investment? We believe that the momentum behind this agenda will grow through 2009 and expect further green stimulus initiatives linked to the G-20 economic recovery summit in April and the Copenhagen conference in December, particularly in Japan, the UK and the USA.

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