By Alex Morales

March 9 (Bloomberg) — Global “green stimulus” spending may triple this year as the U.S., European Union and China pay out money pledged to encourage renewable power and energy efficiency, HSBC Holdings Plc said.

Government promises to boost wind and solar power, build more efficient electricity grids and encourage lower-carbon forms of transport amounted to $521 billion the past two years, the London-based bank said today in a note to investors. About $82 billion of that was spent last year with $248 billion more likely to be disbursed this year, HSBC said.

This year is “set to become the year of delivery, with China, the U.S. and the EU leading the pack,” HSBC said. In terms of new pledges, “policy attention has shifted from stimulus to austerity,” it said. 

The bulk of last year’s expenditure — $61 billion — was carried out by China, HSBC said. The Asian nation is likely to top the rankings again this year, spending about 39 percent of the estimated $248 billion total, with the U.S. and 27-nation EU each accounting for 18 percent, the bank said.

The HSBC report sums up stimulus spending in Australia, China, Indonesia, Japan, South Korea, Saudi Arabia, Canada, Mexico, the U.S., Norway, the EU and its member states.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net.