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Friday, August 6, 2021

IEA Says Global Carbon Emission To Reach Record High in 2023

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The International Energy Agency (IEA) has released a shocking report on Tuesday regarding the Corona pandemic and climate change. The agency has said that if in future all the countries of the world realize their plans made to compensate for the devastation caused during the Corona period, then in this process carbon gas emissions will reach their record level by the year 2023.

In its report, the agency stated that this growth of carbon emissions will continue in the coming years. According to the report, carbon pollution will be 3.5 billion tonnes more than the standard set in the Paris Climate Agreement.

More than $16 trillion of fiscal money spent during the pandemic

The IEA also reported that countries around the world have spent more than $16 trillion in fiscal funds during the pandemic. This spending was in the form of emergency financial assistance to most workers and businesses. The agency’s Sustainable Recovery Tracker said that of this total spending, only $380 billion was for clean energy projects.

IEA Executive Director Fatih Birol said that during the Corona pandemic, many governments talked about doing better in the field of clean energy. But so far many countries have not spent their money. The United Nations says that to maintain the 1.5 °C temperature target, carbon gas emissions will have to be brought down by an average of seven percent annually by 2030. Although carbon pollution briefly declined last year due to pandemic lockdowns and travel restrictions. Still the amount of global warming gases in Earth’s atmosphere is increasing.

The agency said that they expected announced investment among G20 countries to meet up to 60 percent. However, in developing countries because of the pandemic this spending was only 20 percent. This was due to permanent investment and spending on emergency health facilities. Governments need to rapidly increase spending and policy action to meet the commitments made in Paris in 2015.

The climate summit in Glasgow in November called for countries with more carbon emissions to rapidly decarbonize their economies. They must also be helping others do the same. The IEA also said that all countries are missing the opportunity to divert private and public money towards green projects. These opportunities will provide benefits in the climate, health and economic sectors.

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