China dominates “green” stimulus spending in ‘09

China is far outpacing other nations in total spending for “green” stimulus projects and “dominates” this landscape over the past year, according to a new research note from London-based investment bank HSBC.
 
The note surveys stimulus spending worldwide on renewable energy, rail, energy efficiency, advanced coal and other measures.
 
China has spent $51 billion on green stimulus measures from the massive economic recovery package it announced slightly over a year ago. The U.S. is on track to spend $5 billion this year of $113 billion it has allotted in green stimulus, HSBC said.

The bulk of U.S. green stimulus funds were in the American Recovery and Reinvestment Act enacted this year, but the Wall Street bailout in late 2008 also had energy-related provisions.
 
HSBC has revised downward its 2009 worldwide green stimulus spending estimate, from $114 billion to $94 billion, citing delays in disbursing funds in several European nations. But the HSBC analysts also believe that the spending pace will increase next year, reaching $230 billion.
 
The bank forecasts that the U.S. share of global green stimulus spending will rise to 20 percent next year, while China's share will fall to 38 percent.
 
Worldwide, the green portions of nations’ overall stimulus plans total $513 billion, or 16 percent of the measures enacted to boost growth, according to HSBC.