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Nicoletta Batini, Mario di Serio, Matteo Fragetta, and Mr. Giovanni Melina
This paper provides estimates of output multipliers for spending in clean energy and biodiversity conservation, as well as for spending on non-ecofriendly energy and land use activities. Using a new international dataset, we find that every dollar spent on key carbon-neutral or carbon-sink activities can generate more than a dollar’s worth of economic activity. Although not all green and non-ecofriendly expenditures in the dataset are strictly comparable due to data limitations, estimated multipliers associated with spending on renewable and fossil fuel energy investment are comparable, and the former (1.1-1.5) are larger than the latter (0.5-0.6) with over 90 percent probability. These findings survive several robustness checks and lend support to bottom-up analyses arguing that stabilizing climate and reversing biodiversity loss are not at odds with continuing economic advances.
Nicoletta Batini, Mario di Serio, Matteo Fragetta, and Mr. Giovanni Melina

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, and Mr. Giovanni Melina

green spending are about 2 to 7 times larger than those associated with non-eco-friendly expenditure, depending on sectors, technologies, and horizons. In the case of renewable versus fossil fuel energy investments, where country and time samples are homogeneous and allow a formal statistical comparison, the difference between the associated multipliers emerge as non-zero with very high probability. These findings survive several robustness checks and lend support to existing bottom-up analyses (documented in the paper) that have found that, in general, stabilizing