The government across the world are spending too little clean energy compare for the corona virus disease ,The international Energy Agency said on Tuesday, Rising consumption in the wake of the COVID-19 is set to drive greenhouse gas emissions to all-time highs.
it said in the report,“We estimate that full and part time implementation of the economic recovery measures announced to date would outcomes in CO2 emissions increased to record levels in 2023, continue to rise thereafter,”. The IEA said that the amount in this quarter just 2% of their total stimulus funds in response to Covid-19.
It coincides with a major push by global oil companies to reduce emissions and invest in the renewable sector.
The IEA estimates that government spending and new policies put in place since last year are expected to add an extra $350 billion a year to clean energy and electricity network spending between 2021 and 2023.
Although this represents an increase of 30 % over the levels seen in recently it is still only 35 % of the amount by the IEA Sustainable Recovery Plan to put the world on track for net-zero by 2050.
The agency that spending plans the governments across the world on clean energy in this quarter is $380 billion making up just 2% of their total stimulus funds in response to Covid-19.
The IEA said, is around a third of what is needed according to its estimates in order to put the world on course to reach net zero emissions by mid-century.
IEA chief Fatih Birol said,” must then go even further by leading clean energy investment and deployment to much greater heights beyond the recovery period in order to shift the world on to a pathway to net-zero emissions by 2050, which is narrow but still achievable – if we act now,”
The lack of sufficient green spending means that global emissions could go past their 2018 peak as soon as 2023, said IEA. To keep global temperatures from rising above 1.5 degrees Celsius, the world needs to halve its emissions by the end of the decade relative to 2018, it ad