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As of October 2021, governments around the world have allocated US$470 billion for clean energy measures as part of
their economic response to the Covid-19 crisis, the IEA said.
Clean energy spending is part of
the government's planned $16 trillion fiscal support to stabilize the post-pandemic economy.
The IEA said in its Sustainable Recovery Track that most clean energy mobilization comes from the latest assessments
of subsidies for renewables, electric vehicles and energy efficiency retrofits.
Long-term economic recovery spending for long-term investment remains around
$2.
3 trillion.
Some countries are still developing and approving new spending plans that will include a large number of clean energy provisions
.
This spending improves energy efficiency in buildings, renewable energy generation and grids, clean transportation, innovative hydrogen technologies, and carbon capture, utilization, and storage
.
The IEA said these measures could bring advanced economies, which already account for the bulk of global clean energy recovery spending, very close to the levels envisaged in the
Sustainable Recovery Plan.
Significant increases in government spending on energy efficiency, funding for clean fuel innovations, and low-carbon and efficient transport have increased strong government support
for these areas.
However, mobilizing additional investment depends on directing the majority of government spending to market participants
during the critical recovery period of 2021-2023.
The long development cycle of the project and the delay in implementation may significantly delay the impact
on the real economy.
Advanced economies continue to lead government spending on clean energy, reaching nearly two-thirds
of expected levels of economic recovery, the IEA said.
In contrast, in emerging and developing economies, government spending remains about one-tenth the level of advanced economies
.
Previously, the IEA found in its World Energy Investment 2021 that annual global energy investment will increase to $1.
9 trillion this year, rebounding nearly 10% from 2020 and returning total investment to pre-pandemic levels
.
As of October 2021, governments around the world have allocated US$470 billion for clean energy measures as part of
their economic response to the Covid-19 crisis, the IEA said.
Clean energy spending is part of
the government's planned $16 trillion fiscal support to stabilize the post-pandemic economy.
The IEA said in its Sustainable Recovery Track that most clean energy mobilization comes from the latest assessments
of subsidies for renewables, electric vehicles and energy efficiency retrofits.
Long-term economic recovery spending for long-term investment remains around
$2.
3 trillion.
Some countries are still developing and approving new spending plans that will include a large number of clean energy provisions
.
This spending improves energy efficiency in buildings, renewable energy generation and grids, clean transportation, innovative hydrogen technologies, and carbon capture, utilization, and storage
.
The IEA said these measures could bring advanced economies, which already account for the bulk of global clean energy recovery spending, very close to the levels envisaged in the
Sustainable Recovery Plan.
Significant increases in government spending on energy efficiency, funding for clean fuel innovations, and low-carbon and efficient transport have increased strong government support
for these areas.
However, mobilizing additional investment depends on directing the majority of government spending to market participants
during the critical recovery period of 2021-2023.
The long development cycle of the project and the delay in implementation may significantly delay the impact
on the real economy.
Advanced economies continue to lead government spending on clean energy, reaching nearly two-thirds
of expected levels of economic recovery, the IEA said.
In contrast, in emerging and developing economies, government spending remains about one-tenth the level of advanced economies
.
Previously, the IEA found in its World Energy Investment 2021 that annual global energy investment will increase to $1.
9 trillion this year, rebounding nearly 10% from 2020 and returning total investment to pre-pandemic levels
.
