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Highlights:

• IEA stated that governments across the world are spending too little on clean energy
• The IEA also warned that emissions of greenhouse gases will reach an all-time high because of the rebound from the pandemic
• The IEA also stated that the spending plans of the governments across the world on clean energy in this quarter is $380 billion, which is around a third of what is needed
• To keep global temperatures from rising above 1.5 degrees Celsius, the world needs to halve its emissions by the end of the decade relative to 2018: IEA

The International Energy Agency (IEA) in a report on Tuesday said that the governments across the world in comparison to the stimulus allocated for the coronavirus disease (Covid-19) pandemic are spending too little on clean energy.
The IEA also warned that emissions of greenhouse gases will reach an all-time high because of the rebound from the pandemic.

The IEA in its report mentioned that they 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.

The IEA also stated that the spending plans of the governments across the world on clean energy in this quarter is $380 billion making up just 2% of their total stimulus funds in response to Covid-19 and said that it is around a third of what is needed to put the world on course to reach net-zero emissions by mid-century.

Fatih Birol, IEA chief, said that countries must then go even further by leading clean energy investment and deployment to much greater heights beyond the recovery period to shift the world on to a pathway to net-zero emissions by 2050, which is narrow but still achievable if we act now.

The IEA said that the lack of sufficient green spending means that global emissions could go past their 2018 peak as soon as 2023. To keep global temperatures from rising above 1.5 degrees Celsius, the world needs to halve its emissions by the end of the decade relative to 2018.

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