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Photographer: David Paul Morris/Bloomberg
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Emissions Could Hit New Record by 2023 Without More Green Spending

The world isn't building back better at the scale needed to avoid the worst impacts of climate change

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Less than 15% of the $2.4 trillion in government spending to support the post-pandemic economic recovery has gone to investments in clean energy, according to the International Energy Agency. 

“It’s a good start,” said Fatih Birol, executive director of the IEA, “but the money is not sufficient” to the put the world on a path to net-zero emissions by 2050. The majority of the $380 billion in green spending is happening in advanced economies, when it should be helping accelerate the transition to clean energy in emerging countries.