IEA: Fossil Fuel Giants Far from Net Zero
June 07, 2021
The International Energy Agency (IEA) expects fossil-fuel companies to increase capital spending in clean energy projects to 4% in 2021. That number is up from 1% in 2020. However, IEA has expressed concern that more resources must be mobilized and that the all development of new oil and gas fields must stop in order to limit global temperature increases.
“Momentum from net zero pledges and sustainable finance is yet to translate into large increases in actual spending on clean energy projects. This is compounded by inadequate channels to guide available funds in the right direction and a lack of intermediaries capable of matching surplus capital with the sustainability needs of companies and consumers,” said the IEA.