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The International Energy Agency (IEA) has warned that economic recovery from the effects of the pandemic could pollute the planet at a record. According to a press release from the organization, global carbon emissions will peak in 2023 due to insufficient funding for renewable energy.
The IEA analysis showed that in total, governments around the world have allocated in the region of $ 16 trillion to stabilize the economy after the COVID-19 crisis, but only about two percent of these funds (about $ 350 billion a year) go to the transition to clean energy sources - this is not enough to achieve climate goals.
At the beginning of the pandemic, the IEA, together with the International Monetary Fund (IMF), issued a Sustainable Recovery Plan, where they recommended paying great attention to decarbonizing energy and allocating about a trillion dollars for this worldwide. Green energy spending was projected to contribute to global economic growth, create millions of jobs and lead to compliance with the Paris Agreement. However, as noted by the IEA, at the moment, only 35 percent of the planned amount is allocated. At the same time, it is most difficult to invest in renewable energy for developing countries, which had financial problems even before the pandemic.
IEA Executive Director Fatih Birol calls on governments in developed countries to increase spending on the transition to clean energy and provide financial assistance to poor countries if they want to slow down global warming. He added that the goal of achieving zero emissions by 2050 remains realistic, but active action must be taken now.