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IEA warns that only 2% of post-

pandemic spending is green

GLOBAL THE International Energy Agency (IEA) has emissions, Executive Director Fatih Birol said
warned that only 2% of post-pandemic spend- that not enough was being spent.
ing commitments by governments, totalling $16 “Since the COVID-19 crisis erupted, many
trillion, will fund green energy projects. governments may have talked about the impor-
The IEA said that governments’ responses to tance of building back better for a cleaner future,
the coronavirus (COVID-19) crisis were insuf- but many of them are yet to put their money
ficient to move forward the clean energy transi- where their mouth is. Despite increased climate
tion and to reduce CO2 emissions by the amount ambitions, the amount of economic recovery
required to reach net zero by 2050. funds being spent on clean energy is just a small
It said that emissions were set to rise to all- sliver of the total,” he said.
time high of 33.8bn tonnes in 2023, 3.5bn tonnes Fatih also warned that although recovery
higher than the figures needed as set out in the plans had helped boost clean energy investment
IEA’s Net Zero Roadmap for that year. by 30% over historic levels, stark geographic dis-
Yet this is only 35% of the amount envisaged parities in spending were appearing.
by the Net Zero Roadmap to put the world on Sustainable recovery spending is significantly
track for net-zero emissions by 2050, while lower in emerging & developing economies,
boosting global economic growth and creating where clean energy investment is needed the
millions of new jobs. most.
The news follows an IEA statement earlier in “Not only is clean energy investment still far
July that said that almost half of the predicted 5% from what’s needed to put the world on a path
rise in electricity demand in 2021 would be met to reaching net-zero emissions by mid-century,
by fossil fuels, notably coal. it’s not even enough to prevent global emissions
This would threaten to push CO2 emissions from surging to a new record. Many countries
from the power sector to record levels in 2022. – especially those where the needs are greatest
After falling by about 1% in 2020 due to the – are also missing the benefits that well planned
impacts of the COVID-19 pandemic, global clean energy investment brings, such as stronger
electricity demand is set to grow by close to 5% economic growth, new jobs and the develop-
in 2021 and 4% in 2022 – driven by the global ment of the energy industries of the future,” Dr
economic recovery, the IEA said in its semi-an- Birol said
nual Electricity Market Report. “Governments need to increase spending and
Fossil fuel-based electricity generation is set policy action rapidly to meet the commitments
to cover 45% of additional demand in 2021 and they made in Paris in 2015 – including the vital
40% in 2022, with nuclear power accounting for provision of financing by advanced economies
the rest. As a result, carbon emissions from the to the developed world,” Dr Birol added. “But
electricity sector – which fell in both 2019 and they must then go even further by leading clean
2020 – are forecast to increase by 3.5% in 2021 energy investment and deployment to much
and by 2.5% in 2022, which would take them to greater heights beyond the recovery period in
an all-time high. order to shift the world onto a pathway to net-
Coal-fired electricity generation is set to rise zero emissions by 2050, which is narrow but still
by almost 5% this year and by a further 3% in achievable – if we act now.”
2022, potentially reaching an all-time high, the The IEA’s finding come from its new Sustain-
IEA said. Gas-fired generation, which declined able Recovery Tracker tool, which aims to help
2% in 2020, is anticipated to increase by 1% in policy makers assess how far recovery plans are
2021 and by nearly 2% in 2022 moving the needle on climate.
Speaking as the IEA launched its Sustainable The new online tool is a contribution to the
Recovery Tracker, which aims to measure how G20 Ministerial Meeting on Environment, Cli-
governments’ responses to the COVID-19 cri- mate and Energy in Naples, which takes place on
sis are affecting clean energy investment & CO2 22 and 23 July under the Presidency of Italy. ™

P6 www. NEWSBASE .com Week 29 22•July•2021