BAKU, Azerbaijan, Dec.9. The total amount of investment support that governments have allocated to clean energy since the start of the Covid-19 pandemic has reached $1 215 billion, Trend reports via the International Energy Agency (IEA).
The latest IEA report shows that the volume of investments in this sphere has increased by more than $500 billion since March
This government spending is set to mobilise substantial flows of private investment, which based on today’s policy settings would raise global clean energy investment by another 50 percent to over USD 2 trillion annually in 2030.
Reportedly, advanced economies account for nearly 95 percent of the clean energy investment support that has been allocated worldwide since the start of the pandemic. Emerging and developing economies have directed their more limited resources to short-term measures to keep transport, electricity and cooking fuels affordable.
The largest increases in clean energy investment in the past year result from the Inflation Reduction Act in the United States and by measures enacted by several European countries. The majority of these funds are earmarked for low-carbon electricity and incentives for energy efficiency improvements in buildings and industry. Low-carbon transport infrastructure follows closely behind, particularly high-speed rail.
Follow the author on Twitter: @Lyaman_Zeyn