The IEA's analysis—which examines roughly 800 policies implemented throughout the coronavirus crisis by more than 50 countries—finds that “full and timely implementation” of the economic recovery measures would result in CO2 emissions surging to an “all-time high” in 2023 and continuing to rise in the following years, more than wiping out the pandemic-related emissions drop.
“While this trajectory is 800 million tonnes lower in 2023 than it would have been without any sustainable recovery efforts,” the analysis notes, “it is nonetheless 3,500 million tonnes above” what's necessary to achieve net-zero emissions by 2050.
The Paris-based agency's latest findings come just months after it said world governments must immediately halt all new investments in oil and gas projects in order to avert the worst consequences of the climate crisis, which is wreaking havoc across the globe in the form of catastrophic flooding, deadly heatwaves, drought, and wildfires.
Birol plans to present the IEA's new report to the leaders of G20 nations, which—according to research published Tuesday morning—have handed more than $3.3 trillion in subsidies to the fossil fuel industry since the Paris climate accord was finalized in 2015.
“The action taken by these countries up until this point is a far cry from what is needed,” Antha Williams, the environment lead at Bloomberg Philanthropies, which helped conduct the subsidy research, told The Guardian. “As a host of climate emergencies intensify around the world, the continued development of fossil fuel infrastructure is nothing short of reckless. We need more than just words—we need action.”