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