On Tuesday, 20 July, the International Energy Agency (IEA) warned that global CO2 emissions are expected to reach a record high in 2023 and to continue to increase thereafter due to a lack of investment in “clean energy”.
The IEA laments that, of the $16 trillion in fiscal support mobilised by governments throughout the Covid-19 pandemic, only 2% has been allocated to “clean energy” transitions.
Instead, most of the money mobilised was earmarked for emergency financial assistance to households and businesses.
“The sums of money, both public and private, being mobilised worldwide by recovery plans fall well short of what is needed to reach international climate goals”, the agency noted with concern.
IEA Executive Director Fatih Birol added, “Since the Covid-19 crisis erupted, many governments may have talked about the importance of building back better for a cleaner future, but many of them are yet to put their money where their mouth is”.
According to the IEA, this is particularly true for emerging and developing countries, where investment in clean energy is, nevertheless, most needed. These countries face financing challenges to a greater extent. So far, they have mobilised only around 20% of the spending levels recommended by the agency for their decarbonisation.
To access the report: https://bit.ly/3hVoj17 (Original version in French by Damien Genicot)