We just launched @IEA’s new Sustainable Recovery Tracker to measure how governments’ responses to the Covid-19 crisis are affecting clean energy investment & CO2 emissions.
It shows that only 2% of fiscal support goes to clean energy transitions ➡️ iea.li/2UYzbm9
The amount of total clean energy investment mobilised by governments' recovery measures to date falls far short of what is needed to put global CO2 emissions on a path to reach net zero by 2050.
CO2 emissions are set to rise to an all-time high in 2023 👉 iea.li/3eCajHA
Our new Tracker monitors government spending & the clean energy investment it mobilises on 30+ measures in our Sustainable Recovery Report, covering 800 recovery policies in over 50 countries.
Though recovery plans have helped boost clean energy investment 30% over historic levels, stark geographic disparities in spending are appearing
Sustainable recovery spending is significantly lower in emerging & developing economies, where clean energy investment is needed most
The @IEA’s new Sustainable Recovery Tracker is one of our contributions to Italy’s Presidency of the @g20org. I will present the key takeaways at the #G20 Ministerial in Naples this week.
The message is clear: We need strong action on clean energy now – there's no time to spare
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Today, emerging & developing economies account for two-thirds of the world's population, but only one-fifth of global investment in clean energy.
Our new report shows that this investment needs to grow more than 7 times by 2030 to over $1 trillion a year to meet net zero goals.
One of our key recommendations: Governments need to give international public finance institutions a strong mandate to finance clean energy in the developing world.
There is no shortage of funds globally, but we need huge efforts to channel them where they can make a difference.
Spending by some global oil & gas companies appears to be starting to diversify.
@IEA analysis last year showed only around 1% of the industry's investment went to clean energy. Recent trends suggest this may rise to 4% in 2021 – and well above 10% for some European companies.
The @IEA pathway leads to a global energy system in 2050 dominated by clean energy:
➡️ Solar is the single largest source of global energy
➡️ Renewables provide almost 90% of electricity
➡️ One-fifth of that electricity is used to produce hydrogen
Our net zero pathway sees a historic surge in clean energy investment to $4 trillion in 2030. This creates millions of jobs & helps lift global economic growth by 0.4 percentage points a year in the 2020s.
The pathway has no need for investment in new fossil fuel supply projects
Our report shows a looming mismatch between the world’s strengthened climate ambitions & the availability of critical minerals that are essential to realising those ambitions
Governments need to act now & act together to reduce the risks of price volatility & supply disruptions
BIG NEWS: Despite falling 6% in 2020 as a whole, global energy-related CO2 emissions rebounded over the course of the year from an April low and rose above their 2019 level in December
Our numbers indicate a return to carbon-intensive business-as-usual ➡️ iea.li/3q8hD0u
Major economies led the worrying resurgence in CO2 emissions, with China, India & Brazil all above 2019 levels by the end of the year – and the US approaching them.
This is a stark reminder of the urgent need to accelerate global clean energy transitions: iea.li/3dXA6dS
Global emissions fell by almost 2 billion tonnes in 2020, the largest absolute decline in history. Most of this was due to lower use of oil for road transport & aviation.
As travel & economic activities pick up around the world, oil consumption & its emissions are rising again.