«No Clear Peak in Sight for Carbon Dioxide Emissions», IEA Says

The Paris-based International Energy Agency is forecasting that carbon dioxide emissions will hit record levels in 2023, partly because only a small share of global recovery spending in response to the pandemic has been allocated to clean energy measures.

IEA’s analysis shows that, as of the second quarter of this year, the governments had set aside roughly 380 billion USD for «energy-related sustainable recovery measures». It represents approximately 2% of all recovery spending. The sums of money, both public and private, being mobilized worldwide by recovery plans fall well short of what is needed to reach international climate goals.

Under current spending plans, the planet’s carbon dioxide emissions would be on course to hit record levels in 2023 and continue to grow in the ensuing years. There was, its analysis claimed, «no clear peak in sight».

The new findings from the IEA come after it said the planet’s demand for electricity was set for a strong rebound this year and next after dropping by approximately 1% in 2020. In particular, coal-fired electricity generation is set to exceed pre-pandemic levels in 2021 and reach an all-time high in 2022.