![]() The powerful economic rebound that followed the end of lockdown measures across most of the globe helped prompt the divergence between spending on clean energy and fossil fuels. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. They are often financially unable to dole out large sums on subsidies and state backing, as the U.S., European Union and China have done. ![]() Developing nations have been slower to embrace renewable-energy sources, put off by the high upfront price tag of emerging technologies and a shortage of affordable financing. Ninety percent of the growth in clean-energy spending occurs in the developed world and China, the IEA said. While investments in clean energy have been strong, they haven’t been evenly split. For every $1 spent on fossil-fuel energy this year, $1.70 will be invested into clean-energy technologies compared with five years ago when the spending between the two was broadly equal, the IEA said. ![]() ![]() The figure marks a sharp increase from previous years and highlights the growing divergence between clean-energy spending and traditional fossil-fuel industries such as oil, gas and coal. ![]() “There has been a substantial increase in a short period of time-I would consider this to be a dramatic shift.”Ī total of $2.8 trillion will be invested in global energy supplies this year, of which $1.7 trillion, or more than 60% will go toward clean-energy projects. “A new clean global energy economy is emerging,” Birol told The Wall Street Journal. ![]()
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