The Failing Energy Policy

  The International Energy Agency has said in its annual World Energy Outlook carbon emissions would decrease by just 40% by the middle of the century if countries stick to their climate pledges.

That will fall 60% short of their 2050 net zero target.

The IEA’s executive director Fatih Birol explained, “We are witnessing an unsustainable recovery from the pandemic,” he said, pointing to sections of the report that show coal use growing strongly, contributing to the second-largest increase in CO2 emissions in history.

The IEA estimates that 70% of the $4tn investment required to reach net zero must flow into emerging markets and developing economies and for organisations such as the World Bank and International Monetary Fund to prioritise clean energy projects in those countries, acting as a catalyst for private capital.

Carbon emissions ‘will drop just 40% by 2050 with countries’ current pledges’ | Cop26 | The Guardian