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
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?