Over the last year, 30 of the world's richest countries have poured an unprecedented $14.9 trillion into stimulus spending to help revive their pandemic-hit economies. Some hoped that this massive wave of spending would turbo-charge investment in greener industries, such as electric cars, efficient buildings and renewable energy. But has that actually happened?

In this episode of the ESG Insider podcast, we take a closer look at how much global stimulus spending has gone to fighting climate change or protecting the environment. The upshot, according to new research, is that stimulus measures are continuing to have a net negative impact on the environment, mainly because so much of spending is directed at more carbon intensive-industries such as transportation, agriculture and energy. Just 12% of overall stimulus spending is directed at the green economy.

We talk to Jason Eis, executive director of Vivid Economics, a British research firm. Eis says there are signs that the "greenness" of stimulus spending is slowly improving, thanks in part to President Biden's plans to invest in a greener recovery.

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