Investment in clean energy has grown lots since October: IEA

Paris, Apr 12 (EFE).- Investment in clean energy within the recovery plans for the Covid-19 crisis has skyrocketed 50 percent in the last five months and now exceeds $ 710 billion worldwide, according to the International Energy Agency.

In its evaluation report published Tuesday, the agency said this “unprecedented” data is more than 40 percent higher than the ecological spending contained in the government’s stimulus plans after the 2008 financial crisis.

It said this figure hides some imbalances, in particular that advanced economies account for most of this effort, since only before the end of 2023 they plan to dedicate $ 370 billion.

This represents a level of investment consistent with what the organization itself considers necessary in developed countries to address the goal of zero net emissions of carbon dioxide in the 2050 horizon.

In contrast, only about $ 52 billion are expected to be spent in emerging and developing economies between now and the end of next year “an amount much lower than what is needed to achieve a path towards zero net emissions in 2050,” it said.

Public funds for sustainable recovery in those countries are a tenth of those in advanced economies.

For the agency, it is very unlikely that the gap will be reduced in the short term since governments with limited fiscal means now face the challenge of keeping food and fuel affordable for their citizens in an inflationary context due to the Russian invasion of Ukraine.

Executive director Fatih Birol said in a statement that “countries where clean energy is at the heart of recovery plans keep alive the possibility of reaching net-zero emissions by 2050, but financial and economic conditions have undermined public resources in the rest of the world.

Birol said “the world needs to massively scale up its clean energy deployment efforts over this decade, especially in developing economies if we are to hold out hope of limiting global temperature rise to 1.5 C.” EFE


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