IEA warns rich nations not doing their part in investing in clean energy

“Governments need to increase spending and policy action rapidly to meet the commitments they made in Paris in 2015.”

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Due to rich nations’ lack of adequate investments in clean energy, the International Energy Agency warned the public that global carbon dioxide emissions are likely to soar to record levels in 2023.

The International Energy Agency (IEA) works with countries around the world to shape energy policies for a secure and sustainable future. 

According to the IEA’s report, governments around the world have allocated around USD 380 billion on clean energy measures as part of their economic response to the Covid-19 crisis. Yet, this is only 35% of the amount envisaged by the IEA Sustainable Recovery Plan to put the world on track for net-zero emissions by 2050, while boosting global economic growth and creating millions of new jobs.

Fatih Birol, executive director of the IEA, slammed what he characterized as the hypocrisy of rich governments that promised a green recovery from the pandemic but have thus far refused “to put their money where their mouth is,” reports Common Dreams

“Governments need to increase spending and policy action rapidly to meet the commitments they made in Paris in 2015—including the vital provision of financing by advanced economies to the developed world. But they 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 onto a pathway to net-zero emissions by 2050, which is narrow but still achievable—if we act now,” says Birol. 

Just a few months ago IEA told world governments all new oil and gas projects must stop in order to help prevent catastrophic consequences in our world’s climate. 

With the world experiencing intense flooding, heatwaves, drought, wildfires, and polluted air and water, it is time these rich countries listen and start making big changes. 

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