Low-carbon electricity gets most gov’t investments support

The sector has received around $290b in investments since the start of the pandemic.

The low-carbon electricity sector was the top sector that received the government clean energy investment support that was enacted since the start of the pandemic with $290b.

In a report, the International Energy Agency (IEA) said that low-carbon electricity is followed by mass and alternative transit and energy-efficient buildings and industry with $256b and $254b of investments, respectively.

“Government spending is set to encourage substantial flows of private investment to clean energy by improving long-term market attractiveness in certain regions, and bolstering project pipelines, particularly in advanced economies,” the IEA said.

READ MORE: Governments clean energy spending reaches $1.2t: IEA

Fuels and technology innovation had a support of around $177b, whilst the low-carbon vehicles sector had around $105b.

Electricity networks saw around $60b of investments, people-centred transitions with $20b, and energy access with $13b.

The IEA said annual clean energy investment under the current stated policies is seen to increase by nearly 50% to reach more than $2t in 2030.