The IEA warned that economic recovery from the effects of the pandemic can pollute the planet at a record. According to the organization’s report, the level of global carbon emissions will peak in 2023 due to insufficient funding for renewable energy. The IEA analysis showed that in total, governments around the world have allocated about $16 trillion to stabilize the economy after the COVID-19 crisis, but only about two percent of these funds (about $350 billion per year) go to the transition to clean energy sources – this is not enough to achieve climate goals.

At the beginning of the pandemic, the IEA together with the IMF, issued a Sustainable Recovery Plan, where they recommended paying great attention to decarbonizing energy and allocating about a trillion dollars for this worldwide. Green energy spending was projected to contribute to global economic growth, create millions of jobs and lead to compliance with the Paris Agreement. However, as noted by the IEA, at the moment, only 35 percent of the planned amount is allocated. Meanwhile, it is the most difficult to invest in renewable energy for developing countries, which had financial problems even before the pandemic.