Who will win the competition for the Greenest Economy?

Joseph Stiglitz and Nicholas Stern write in the FT that "The US, in particular, has a window of opportunityto act on the financial crisis and at the same time, lay the foundations for a new wave of growth based on technologies for a low carbon economy."

Four months ago I put it like this: "Yes we can create a new energy revolution. While we are still in the midst of the financial crisis, global leaders are already turning to the fast approaching recession in the real economy. After major bailout packages for the banks, major economic stimulus packages are now in preparation. This is the right approach. But these packages should be targeted and used to stimulate the new, renewable-energy growth sector and help to initiate an energy revolution which creates sustainable growth now and in the future. The trillions of euros which will likely be spent on fighting the global recession should be spent on fighting climate change at the same time. It's a question of efficiency and forward thinking. And it combines the urgent with the important. The European Union's structural-funds model, based on EU co-funding of up to 80%, can be used to disburse the EU's new energy-stimulation package, making it attractive also for east-central European member-states to join the new energy revolution." http://www.opendemocracy.net/article/the-global-financial-crisis-opportunities-for-change

While I fully agree with the Stiglitz/Stern opinion, as a European I hope that Europe grabs this green growth opportunity. After all climate policy has been Europe's most successful foreign policy in the last 5 years.

Will now the US take the lead from Europe, or will it be China (see previous article on Wilkens Observer)? And does it matter? Whoever is the leader, it is good that there is competition for the Greenest Economy. Just a year ago the competition was rather for who can avoid expensive cuts in CO2 emmissions the longest.

In the end we may find that we needed a global recession and good old capitalist competition to deal effectivly with the challenge of climate change. And the Copenhagen conference will then only be a buraucratic confirmation on what is happening anyway in the real economy.

Wishful thinking? I think the current global recession is a reminder that everything is possible.