Global emissions set to surge to all-time high: IEA

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Global emissions set to surge to all-time high: IEA

With only 2% of governments' recovery spending going to clean energy transitions, global emissions are set to surge to an all-time high, according to new analysis from the International Energy Agency (IEA). 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. These shortfalls are particularly pronounced in emerging and developing economies, many of which face particular financing challenges, said the Under governments' 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. This would leave the world far from the pathway to net-zero emissions by 2050 that the IEA set out in its recent Global Roadmap to Net Zero. These findings come from the new Sustainable Recovery Tracker that the IEA launched yesterday (July 20) to help policy makers assess how far recovery plans are moving the needle on climate. The new online tool is a contribution to the G20 Ministerial Meeting on Environment, Climate and Energy in Naples, which takes place on 22 and 23 July under the Presidency of Italy. The Tracker monitors government spending allocated…