The countries across the globe are spending less on clean energy as compared to the stimulus allocated for the COVID-19 pandemic, the International Energy Agency (IEA) said in a report on Tuesday. It also predicted that the road to recovery from the pandemic will drive the emissions of greenhouse gases to all-time highs. As only 2% of governments’ recovery spending is going to clean energy transitions, global emissions will be surging to an all-time high.
The IEA said in the report, "We estimate that full and timely implementation of the economic recovery measures announced to date would result in CO2 emissions climbing to record levels in 2023, continuing to rise thereafter." The agency said that the expenditure plans of all the governments across the world on clean energy in this quarter is 0 billion, making up just 2% of their total stimulus funds in response to COVID-19. The IEA said that the current rate of spendings is around a third of what is required (according to their calculations) that would put the world on course to reach net-zero emissions by mid-century.
IEA chief Fatih Birol said in the report, "(Countries) must then go even further by leading clean energy investment and deployment to much greater heights beyond the recovery period in order to shift the world on to a pathway to net-zero emissions by 2050, which is narrow but still achievable - if we act now." The Tracker monitors government spending allocated to sustainable recoveries and then estimates how much this spending boosts overall clean energy investment and to what degree this affects the trajectory of global CO2 emissions. The Tracker considers over 800 national sustainable recovery policies in its analysis, which are publicly available on the IEA website.,cricket-bat-height-in-cm
The Tracker shows the stark geographic disparities that are emerging in clean energy investment. More than 60% of the funds are being utilised in the advanced economies and the poorer countries are being left behind in the process. A lot of emerging and developing countries have a financial leeway and have managed to mobilise more than 20% of the required spending levels. ,ladbrokes-coral-group-plc-head-office