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CO2 emissions to surge to record levels in 2023

CO2 emissions to surge to record levels in 2023

Mubasher: The global carbon dioxide (CO2) emissions are set to surge to record levels in 2023, with only 2% of governments’ current recovery spending plans to stabilise economies allocated to clean energy transitions, according to a new analysis from the International Energy Agency (IEA).

These levels would bring the world away from the net-zero emissions by 2050, set by the IEA in its recent Global Roadmap to Net Zero.

The IEA referred that the fiscal support deployed by governments to rebuild economies does not fulfill international climate goals, namely in emerging and developing economies, many of which face financing challenges.

Governments have allocated $16 trillion in fiscal support during the coronavirus (COVID-19) pandemic, which mainly focuses on emergency financial relief for households and firms.

Only 2% of the total has gone to clean energy transitions.

These findings were concluded by the new Sustainable Recovery Tracker, a new online tool introduced by the IEA to help policymakers evaluate how far recovery plans achieve climate goals by considering 800 national sustainable recovery policies.

In the early phases of COVID-19, the IEA has put the Sustainable Recovery Plan, which recommended $1 trillion to be spent globally on clean energy measures as part of recovery plans. 

However, the current government plans would only raise total public and private spending on clean energy to about $350 billion a year by 2023, only 35% of which is mention in the plan, according to the tracker.

The IEA Executive Director, Fatih Birol, said: "Since the Covid-19 crisis erupted, many governments may have talked about the importance of building back better for a cleaner future, but many of them are yet to put their money where their mouth is."

Meanwhile, Birol remarked: "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 developing world."