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Khaled Eltokhy, Ms. Katja Funke, Guohua Huang, Yujin Kim, and Genet Zinabou
In the wake of the COVID-19 crisis, governments around the world announced unprecedented fiscal packages to address the economic impact of the crisis. The unusually large scale of the packages was accompanied by widespread calls for “greening” them to meet the dual goals of economic recovery and environmental sustainability. In response, several researchers and international organizations attempted to assess the “greenness” of the fiscal policy response of the world’s largest economies. This paper takes stock of the contributions made by these various trackers, identifies strengths and weaknesses of their methodologies, and draws lessons for assessing the climate impact of fiscal policy going forward. It finds that: trackers provided useful assessments of the (generally low) level of greenness and raised awareness; trackers’ methodologies, while valid and innovative, varied significantly with some important, if currently largely unavoidable, weaknesses; and the way forward should involve tracking the greenness of entire government budgets, rather than just their response to the COVID-19 crisis.
Ozlem Aydin Sakrak and Bryn Battersby

. Organisation for Economic Co-operation and Development (OECD) . 2021a . Green Budgeting in OECD Countries . Paris, France : OECD . Organisation for Economic Co-operation and Development (OECD) . 2021b . Green Budget Tagging: Introductory Guidance & Principles Published under the Coalition of Finance Ministers for Climate Action (Principle 4) and the Paris Collaborative on Green Budgeting . Paris, France : OECD . Parry , Ian , Simon Black , and James Roaf . 2021 . “ Proposal for an International Carbon Price Floor Among Large Emitters. ” IMF Climate

Khaled Eltokhy, Ms. Katja Funke, Guohua Huang, Yujin Kim, and Genet Zinabou

, rather than just their response to the COVID-19 crisis. JEL Classification Numbers: Q51, Q58 Keywords: Green fiscal policy tracker, green budgeting, COVID-19 response, climate impact assessment Authors’ E-Mail Address: KEltokhy@imf.org , KFunke@imf.org , GHuang@imf.org , YKim9@imf.org , GZinabou@imf.org Contents I. INTRODUCTION II. THE IMF GREEN TRACKER III. OTHER GREEN TRACKERS FOLLOWING THE COVID-19 RESPONSE IV. LIMITATIONS OF EXISTING TRACKER APPROACHES V. A COMPREHENSIVE VIEW ON THE GREENNESS OF BUDGETS VI. A POTENTIAL WAY FORWARD

Ozlem Aydin Sakrak and Bryn Battersby

/002, International Monetary Fund, Washington, DC. ISBN: 978-1-51358-304-4 (Paper) 978-1-51359-027-1 (ePub) 978-1-51359-060-8 (PDF) JEL Classification Numbers: H61, Q54, Q58 Keywords: Public financial management, green budgeting, green public financial management, mainstreaming, climate change adaptation, climate change mitigation. Authors’ email addresses: FGonguet@imf.org CWendling@imf.org OAydinSakrak@imf.org BBattersby@imf.org

Khaled Eltokhy, Ms. Katja Funke, Guohua Huang, Yujin Kim, and Genet Zinabou

trackers helped to hold governments accountable for tackling the global challenge of climate change. However, these trackers are reaching their natural limit as additional policy measures are fully or partially integrated in countries’ 2021 budgets. Going forward, on a country-by-country basis, green budget tagging (GBT), which looks at a country’s budget, is a more permanent approach for tracking climate-related expenditures and revenues. Complemented by other green budget management tools, e.g., green budget statements and environmental cost-benefit analysis, the