Governments have pledged $2 trillion in clean energy since 2020: IEA
POWER & RENEWABLE ENERGY

Governments have pledged $2 trillion in clean energy since 2020: IEA

Governments worldwide have allocated close to $2 trillion in direct investment for clean energy initiatives since 2020, according to a new report from the International Energy Agency (IEA). This marks almost three times the amount invested following the 2007-08 financial crisis, with most of the funding coming from China, the European Union, and the United States.

The State of Energy Policy 2024 report highlights how recent global crises have pushed policymakers to prioritise energy security and clean energy investments. A significant portion of these funds is directed towards incentives for low-emission vehicles, hydrogen, and battery technologies, which collectively represent around 10% of total government spending since 2020.

The report also underscores the impact of the global energy crisis, where short-term government support reached $940 billion at its peak. IEA Director of Sustainability, Laura Cozzi, noted that this level of investment in clean energy demonstrates a growing recognition of its role in both reducing emissions and enhancing energy security.

In addition, domestic manufacturing incentives for clean energy technologies have continued to rise, alongside policy interventions such as energy performance standards. In 2023 alone, 35 countries—accounting for 20% of global greenhouse gas emissions—introduced new regulations aimed at improving energy efficiency.

The report offers a comprehensive overview of global energy policies, providing insights into significant developments over the past year. It also includes the Energy Policy Inventory, a publicly accessible database with over 5,000 energy-related policies from across the globe. (ET)

Governments worldwide have allocated close to $2 trillion in direct investment for clean energy initiatives since 2020, according to a new report from the International Energy Agency (IEA). This marks almost three times the amount invested following the 2007-08 financial crisis, with most of the funding coming from China, the European Union, and the United States. The State of Energy Policy 2024 report highlights how recent global crises have pushed policymakers to prioritise energy security and clean energy investments. A significant portion of these funds is directed towards incentives for low-emission vehicles, hydrogen, and battery technologies, which collectively represent around 10% of total government spending since 2020. The report also underscores the impact of the global energy crisis, where short-term government support reached $940 billion at its peak. IEA Director of Sustainability, Laura Cozzi, noted that this level of investment in clean energy demonstrates a growing recognition of its role in both reducing emissions and enhancing energy security. In addition, domestic manufacturing incentives for clean energy technologies have continued to rise, alongside policy interventions such as energy performance standards. In 2023 alone, 35 countries—accounting for 20% of global greenhouse gas emissions—introduced new regulations aimed at improving energy efficiency. The report offers a comprehensive overview of global energy policies, providing insights into significant developments over the past year. It also includes the Energy Policy Inventory, a publicly accessible database with over 5,000 energy-related policies from across the globe. (ET)

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?