A global recovery from the COVID-19 pandemic should lead to an increase in climate change-driven greenhouse gas emissions to record highs, according to a report by the International Energy Agency (IEA).
“We estimate that the full and timely implementation of the economic recovery measures announced so far will push CO2 emissions to record levels in 2023 and then continue to rise,” the report said.
According to the IEA, clean energy spending plans set aside by governments around the world in the second quarter totaled $ 380 billion, just 2% of their total stimulus funds in response to the pandemic.
The Global Energy Regulatory Authority said the figure is about a third of what it believes was needed to put the world on track to achieve net zero emissions by mid-century.
The IEA reported on Tuesday that after the pandemic, emissions could rise by 3.5 billion tonnes above the threshold needed to meet this target.
"The amount of money, both public and private, mobilized around the world as part of recovery plans is much less than what is needed to meet international climate goals," wrote IEA head Fatih Birol.