• 3 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 minutes Forecasts for Natural Gas
  • 14 minutes NordStream2
  • 8 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 3 hours China's aggression is changing the nature of sovereignty.
  • 10 hours Delta variant in European Union
  • 3 days Ukrainian Maidan after 8 years
  • 17 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 4 days OPEC+ Expects Large Oil Glut In Early 2022
  • 4 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 2 days Сryptocurrency predictions
  • 4 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa

IEA: Global Recovery Spending On Clean Energy Rises By 20%

Governments currently plan to allocate an estimated US$470 billion for clean energy investment between now and 2030, up by 20 percent compared to plans in July, the International Energy Agency (IEA) said on Thursday, but noted that despite the increase, recovery is uneven and clean energy investment is not enough to prevent emissions growth.

Between July and October, governments have made 40 new funding announcements and added spending figures and details to 140 previously announced spending programs, the IEA’s Sustainable Recovery Tracker showed.

Government spending increased significantly in energy efficiency, clean fuels and innovation funding, as well as in low-carbon and efficient transport, adding to already strong levels of government support for these areas, the IEA said.

The sustainable recovery spending, however, is highly imbalanced: advanced economies have made the most of the clean energy announcements, which still fall short of putting carbon dioxide (CO2) emissions on a permanent declining trend, the IEA noted.

“We are witnessing an uneven and unsustainable recovery from last year’s economic crisis – a recovery that consists of huge growth in fossil fuel consumption while leaving behind nearly 80% of the world’s population in the shift towards a new and cleaner energy economy,” Fatih Birol, the IEA Executive Director, said in a statement.

Even in advanced economies, more should be done to reach net-zero emissions by 2050. New infrastructure spending packages currently under consideration in France, Japan, and the United States could significantly boost spending on clean energy advanced economies. Yet, developed nations need even more investments this decade in order “to put them on a path consistent with reaching net zero emissions from energy globally by 2050,” the IEA said.

Government spending on sustainable recovery in emerging and developing economies remains only around one-tenth of the level seen in advanced economies, the agency added.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News