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

30 Sep 2024 CW Team

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)

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