The world's governments allocate only 3% of the money designated to combat the consequences of the COVID-19 pandemic on clean energy, which is not enough to reduce the amount of carbon dioxide (CO2) emissions significantly, the International Energy Agency said Thursday
MOSCOW (Pakistan Point News / Sputnik - 28th October, 2021) The world's governments allocate only 3% of the money designated to combat the consequences of the COVID-19 pandemic on clean energy, which is not enough to reduce the amount of carbon dioxide (CO2) emissions significantly, the International Energy Agency said Thursday.
"Spending on clean energy amounts to 3% of the USD 16.9 trillion that governments have so far mobilized to bolster their economies from the recession triggered by the Covid-19 pandemic," the IEA said in a press release.
This marks an increase compared to the roughly 2% in July, but "still leaves global carbon dioxide (CO2) emissions on an upward trajectory," the agency said.
The IEA is tracking the countries' progress according to the agency's plan that expects global annual spending of $1 trillion on clean energy for three years.
Governments across the world have upped their spending on post-pandemic recovery, investing this money in clean energy, by 20% over the past three months, according to the IEA.
At the same time, developing countries spend on clean energy only about 20% of the level recommended by the IEA.
"These countries don't have the luxury of cheap financing that many advanced economies enjoy. The world urgently needs to come up with bold measures to mobilize and channel clean energy investment to emerging and developing economies on a major scale. This is where it is needed most and has the biggest bang for its buck in tackling emissions," Fatih Birol, IEA Executive Director, says.
In addition, the economic recovery still leads to significant growth in fossil fuel consumption, impeding the shift towards a cleaner economy, Birol says.
