According to an analysis by the International Energy Agency (IEA), governments worldwide have been spending only about 2 per cent of their fiscal support for stabilising and rebuilding economies towards clean energy measures. …
Governments have mobilised USD 16 trillion in fiscal support throughout the Covid-19 pandemic, but most of it focused on emergency financial relief for households and firms. Current government plans would only increase total public and private spending on clean energy to around USD 350 billion a year by 2023 – which is 35 per cent of what is envisaged in IEA’s Sustainable Recovery Plan.Consequentially, carbon dioxide emissions are expected to reachhigh levels by2023 and continue rising in the following years. This amount of spending for worldwide recovery plans will fall short what is required to reach international climate goals. In this path, it would be difficult to reach net-zero emissions by 2050.