WASHINGTON: The International Energy Agency (IEA), in its latest ‘sustainable recovery tracker’, has observed that carbon emissions are set to rebound as countries focus on economic recovery post the Covid pandemic.
The IEA noted that global energy-related CO2 emissions are currently on track for the second largest single-year rebound in history in absolute terms, erasing most of the pandemic-related reduction from 2020, report agencies.
It said several countries, notably the G7, have made more funding available to the clean energy economy but developing nations have fallen behind. IEA said the gap in sustainable recovery spending between advanced economies and emerging market and developing economies is still prevalent, with the former mobilising “nearly nine times the funding for clean energy through recovery measures than the latter.”
IEA noted that several countries are in the process of crafting and approving new spending programmes that would include substantial clean energy provisions. “These under-deliberation spending packages – notably in France, India, Japan and the United States – could see significant portions earmarked for clean energy,” it said.
The IEA tracker report holds more significance with the global climate conference COP26 barely days away where countries will announce their investment in climate change mitigation, clean energy and sustainable development.
For India, the IEA noted the recently announced Gati Shakti infrastructure plan. It said apart from India, no other country seems have any new spending plans with clean energy provisions in emerging and developing economies,
It said, international catalysts like development assistance could be key to increasing clean energy investment levels this decade in emerging and developing economies.