Clean energy spending earmarked by governments in response to the Covid-19 crisis has risen by 50 per cent over the past five months and now stands at over $710 billion worldwide, though there are troubling imbalances between regions, the latest update of the IEA’s Sustainable Recovery Tracker said on Tuesday.
This unprecedented amount of enacted spending is more than 40 per cent larger than the global green spending contained in the stimulus packages that governments enacted following the global financial crisis in 2008.
Advanced economies account the bulk of this effort, with over $370 billion intended to be spent prior to the end of 2023, a level of short-term government spending that would help keep the door open for the IEA’s global pathway to net zero emissions by 2050.
