The amount of clean energy spending in the second quarter of this year totalled around $380bn, or just 2 per cent of their total stimulus funds in response to the pandemic.
These sums of money, both public and private, currently fall well short of what is needed to reach international climate goals, the report suggests. These shortfalls were particularly pronounced in emerging and developing economies, many of which face financing challenges.
Under the current recovery spending plans, global carbon dioxide (CO2) emissions are set to climb to record levels in 2023 and continue rising in the following years.
“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. Despite increased climate ambitions, the amount of economic recovery funds being spent on clean energy is just a small sliver of the total,” said Fatih...