Countries have allocated more than $ 16 trillion (14 trillion euros) in fiscal support during the Covid-19 pandemic, primarily in the form of emergency financial aid for workers and businesses.
The IEA Sustainable Recovery Tracker found that only $ 380 billion of this had been provided for clean energy projects.
If all the spending plans were to come true, the intergovernmental body said, global carbon emissions would reach record levels in 2023 and continue to rise in subsequent years.
Total carbon pollution would be 3.5 billion tons higher than a scenario in which economies meet the temperature target of 1.5 degrees Celsius from the Paris climate agreement, he said.
“Since the Covid-19 crisis broke out, many governments may have spoken about the importance of rebuilding better for a cleaner future, but many of them have not yet put their money where their mouth is,” said the executive director of the IEA, Fatih Birol.
The United Nations says that to keep the 1.5 degree Celsius temperature target in play, emissions must fall on average by more than seven percent annually through 2030.
Although pandemic closures and travel restrictions saw carbon pollution drop briefly last year, concentrations of planet-warming gases in Earth’s atmosphere continue to rise.
With unprecedented heat waves hitting North America and parts of northern Europe submerged in unprecedented flooding, the impacts of climate change are hitting even developed economies harder than ever.
The IEA said the announced investment measures among the G20 nations were expected to cover 60 percent of the spending required to keep the Paris temperature targets within reach.
Among developing countries, that dropped to just 20 percent as the countries hardest hit by Covid-19 prioritized spending on emergency health and wellness over sustainable investment, the analysis found.
In June, the IEA released its clean investment report, which found that annual green investment must increase more than sevenfold, from less than $ 150 billion in 2020 to more than $ 1 trillion by 2030 if the world is to achieve neutrality. carbon by 2050.
New Emissions Record: Last week, more than 100 developing countries asked rich economies to fulfill a decade-long promise to provide $ 100 billion annually to countries on the front lines of climate change.
Writing ahead of the COP26 climate summit in Glasgow in November, countries also urged historic polluters to quickly decarbonize their economies while helping others to do the same.
Overall, the IEA said that all countries were missing the opportunity to divert public and private funds towards green projects that would provide three times the climate, health and economic benefits.
“Not only is investment in clean energy still far from what is needed to put the world on the path to reaching net zero emissions by mid-century, it is not even enough to prevent global emissions from rising to a new record,” Birol said.
“Governments must increase spending and political action quickly to meet the commitments they made in Paris in 2015, including the vital provision of financing by advanced economies to the developing world.”