The global macroeconomic situation is making efforts to address climate change more difficult, International Energy Agency (IEA) Chief Energy Economist Tim Gould said on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 11th April, 2023) The global macroeconomic situation is making efforts to address climate change more difficult, International Energy Agency (IEA) Chief Energy Economist Tim Gould said on Tuesday.
"In many ways, today's macroeconomic situation makes it more difficult to achieve some of the things that we would like to achieve," Gould said during an International Monetary Fund (IMF) seminar.
The IEA thinks there will be approximately $2 trillion spent every year on the clean energy transition by 2030, Gould said.
However, to get on track for a 1.5 degree global temperature stabilization, the $2 trillion figure needs to be closer to $4 trillion, Gould said.
Returning the world economy to its pre-2022 pace of economic growth is "increasingly elusive," the IMF said on Tuesday in its World Economic Outlook report. A potential escalation of the conflict in Ukraine could trigger an energy crisis in Europe and exacerbate food insecurity in developing countries, the IMF said.
US Treasury Secretary Janet Yellen said on Tuesday that the Group of Seven's price cap on Russian oil is helping to stabilize world energy markets.
Liquefied natural gas is expected to remain an important transition fuel as Europe pursues a transition to green energy, Assistant US Secretary of State for Energy Resources Geoffrey Pyatt said.
