broadband penetration, employment rises from 0.2 to 0.3 percent, or about 293,000 jobs for an economy at less than full employment.

Strand & Toman (2010) discuss the short-run and long-run effects of green stimulus efforts. They find that most green stimulus programs that have large short-run employment and environmental effects are likely to have less significant positive effects for long-run growth, and vice versa. This is because programs that create more (less) job opportunities tend to employ lower- (higher-) skilled workers, and therefore yield smaller (larger) long-term growth effects. For example, most jobs in the wind or solar PV sector are highskilled; investment in these sectors can contribute substantially to future technical development and growth. Most jobs in solar-thermal and biomass production are by contrast lower-skilled, with less scope for technological enhancement and learning effects for the individuals employed. One-fifth of employees in clean-energy production and energy-efficient occupations have college degrees (Muro _et al._ , 2019).

By the same token, capital-intensive investments such as digitalization and 5G are more likely to show economic benefits over the longer term and therefore much less likely to create strong short-term stimulus effects. Strand and Toman’s (2010) analysis implies a tradeoff in many cases between skill levels and labor intensities, reinforcing the point that different instruments are needed for addressing different problems. A recent paper by Hepburn _et al._ (2020) based on expert surveys also shows that there are limited policy options that generate both large economic multipliers and climate impact.

Despite the recognition of limited availability of triple win-win-win opportunities, countries that invested the most in green stimulus after the Great Recession such as the United States, Germany, and the Republic of Korea boosted their economies and created jobs. The green stimulus supported 900,000 job-years in clean energy fields from 2009 to 2015 in the United States, and 156,000 new green jobs from 2009 to 2011 in Korea. Korea included green measures in almost 80 percent of the stimulus in the fourth quarter of 2008. Almost one-half of the stimulus targeted energy-efficient projects and low carbon vehicles (UNEP, 2009; Jaeger, 2020). The 2008 Green New Deal Stimulus in Korea estimated to generate 960,00 jobs in energyefficient and low-carbon energy sectors such as energy conservation in villages, fuel-efficient vehicles, expanding mass transit, and railroads (Barbier, 2010; Robins _et al._ , 2009).

Green construction projects, such as insulation retrofits or clean energy infrastructure, can similarly deliver higher multipliers. These large construction projects are less amenable to offshoring via imports (Jacobs, 2012). Clean energy infrastructure is also labor intensive in the early stages – Garrett-Peltier (2017) suggests that every US$ 1 million spent generates 7.49 full-time jobs in renewables infrastructure, 7.72 in energy efficiency.

In the European Union, each US$ 1 in green investment boosted GDP by up to $1.50 across the region (Cambridge Econometrics, 2011). In China, rapid investment in railways, grid networks, and other green initiatives boosted the GDP abound 4.2 percent above the baseline in 2009 and 3.6 percent above the baseline in 2010 (Cambridge Econometrics, 2011). There were around 400,000 jobs in low carbon businesses and their supply chains in the UK in 2017. The offshore wind sector in which 7,200 people were employed in 2019 is such an example. Energy efficiency is identified as a job-intensive form of clean energy investment for the post-crisis stimulus (IEA, 2020b). Capital-intensive clean energy infrastructure in technologies represents a prospect for long-term employment (KPMG, 2020). These public investments offer high returns in the long run (Henbest, 2020) and could serve to kick start green innovation ecosystems (Acemoglu _et al._ , 2012). At the same time, adoption of green technologies could create higher spillovers by driving an efficient, innovative, and productive economy (Aghion _et al._ , 2014).

In addition, compared to traditional stimulus, green stimulus, in many cases, has been singled out as more effective in creating jobs. Spending on public transit in the United States led to 70 percent more job-hours than equivalent spending on highways. Job intensity is estimated at 8 jobs per US$ 1 million invested in 16