Pandemic recovery to push emissions to all-time high – IEA

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The global rebound from the COVID-19 pandemic is set to drive emissions of greenhouse gases that stoke climate change to all-time highs, the Paris-based International Energy Agency said in a report on Tuesday.

“We estimate that full and timely implementation of the economic recovery measures announced to date would result in CO2 emissions climbing to record levels in 2023, continuing to rise thereafter,” it said.

Spending plans for clean energy allocated by governments around the world in the second quarter add up to $380 billion, making up just 2% of their total stimulus funds in response to the pandemic, the IEA said.

The energy watchdog said the figure represented around a third of what it envisioned was needed in order to put the world on course to reach net zero emissions by mid-century.

“The sums of money, both public and private, being mobilised worldwide by recovery plans fall well short of what is needed to reach international climate goals,” IEA chief Fatih Birol wrote.

via Reuters