Despite the significant volume of fiscal recovery measures announced by countries to deal with the COVID-19 crisis, most recovery plans allocate a low percentage to green recovery. We present scenarios exploring the long-term impact of the COVID-19 crisis and develop a Green Recovery scenario using three global models to analyze the impact of a more ambitious allocation. The results show that a Green Recovery scenario, with 1% of global GDP in fiscal support directed to mitigation measures for three years, could reduce global CO2 emissions by 10.5−15.5% below pre-COVID projections by 2030. The share of renewables in global electricity generation is projected to reach 45% in 2030, the uptake of electric vehicles would be accelerated, and energy efficiency in the buildings and industry sector would improve. However, such a temporary investment should be reinforced with sustained climate policies after 2023 to lead to socio-economic restructuring towards carbon neutrality by mid-century.