The amount of funding that governments are throwing at the economic recovery from COVID-19—more than $12 trillion announced so far, or 15% of the global GDP—is unprecedented. How much of that would it take to put the global energy system on track to meet the goals of the Paris climate agreement? With only a fraction of the pandemic recovery money, we could fund the transition to clean energy. advertisement To keep global warming below 1.5 degrees Celsius, by one estimate, the energy system needs a cleantech investment of about $1.4 trillion annually between 2020 and 2024, or around a tenth of what has been committed for the recovery. “It isn’t a one-time investment, but we wanted to show that when a crisis is treated seriously, there’s money, and there’s a lot,” says Marina Andrijevic, a research analyst at the Berlin-based Climate Analytics and one of the authors of a new paper published in Science. But when the numbers are examined more closely, the difference is much more stark. With existing policy, the world is already investing $1.1 trillion in clean energy. That leaves an investment gap of only $300 billion to get on a pathway in line with climate science…. Read full this story
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