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IEA sets $3trn green economic recovery plan

IEA sets $3trn green economic recovery plan

Mubasher: The International Energy Agency (IEA) has developed a $3 trillion green economic recovery plan to help governments to sustainably rebound their economies, which are heavily affected by the coronavirus (COVID-19) pandemic, CNBC reported, citing the IEA's 'Sustainable Recovery' report.

The plan, which could be put into effect from 2021 to 2023, highlights three main goals which are boosting economic growth, creating job opportunities, and setting up more resilient and cleaner energy systems.

The goals focus on six key sectors, comprising electricity, transport, industry, buildings, fuels, and emerging low-carbon technologies.

The energy agency forecast that the plan could help the global economy to annually grow by 1.1% points in addition to creating or saving approximately nine million jobs over the next three years.

Meanwhile, the recovery plan would boost the annual growth in the developing countries by nearly 1.3% and lead to 3.5% higher global GDP in 2023.

By 2023, global CO2 emissions will also be reduced by 4.5 billion tonnes. 

The report concluded that countries around the world should invest 0.7% of the global GDP annually, equivalent to $1 trillion, to obtain those results.