This definition corresponds to the general understanding of sustainable development and its three dimensions, economic, social and environmental. Green Keynesianism, also presented as green stimulus or a “global green new deal” (GGND), argues for directing government spending towards technology and employment generation in ways that enhance environmental protection and raise efficiency, for instance by retrofitting energy-inefficient buildings or infrastructure (e.g., UNEP, 2009). These sorts of green investments were a much-discussed and promoted part of countercyclical macroeconomic policies adopted in the wake of the global recession of 2008, in both developed and developing countries. The proposal by UNEP emphasized the principle of common but differentiated responsibilities with regard to developed countries, emerging economies, countries with economies in transition and the least developed countries.