Clean energy spending rises following Ukraine crisis
Government spending on clean energy rises to over $710bn, but countries with limited fiscal means continue to neglect transition in effort to maintain food and fuel affordability
Clean energy spending earmarked by governments in response to the Covid-19 crisis has risen by 50pc over the past five months and now stands at over $710bn worldwide, according to the latest data from the IEA. The agency highlighted last year that only $320bn had been earmarked to support the energy transition as part of Covid-19 recovery spending—just 2pc of national fiscal support levels. But spending has sped up in recent months, partly as nations accelerate efforts to gain greater energy independence in response to Russia’s invasion of Ukraine. Since the start of winter, governments worldwide have announced an additional $270bn in short-term measures to protect businesses and households
Also in this section
2 January 2025
The hurdles standing in the way of rapid move away from fossil fuels are proving harder to clear than first thought
31 December 2024
Governments, developers, investors and lenders are keen to support and scale up cutting-edge energy transition projects, but funding such projects will require innovative financing and strategic collaboration
30 December 2024
Gas with carbon capture can be the solution to the region’s rapidly rising energy demand in the age of transition
19 December 2024
The utility-scale battery energy storage system market is evolving rapidly, with diverse offtake models emerging to offer bespoke, flexible contracting solutions