CO2 emissions set to hit record levels in 2023 and there’s ‘no clear peak in sight,’ IEA says

Published

4 years ago

July 20, 2021

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Only a small chunk of governments’ recovery spending in response to the Covid-19 pandemic has been allocated to clean energy measures, according to the International Energy Agency, with the Paris-based organization forecasting that carbon dioxide emissions will hit record levels in 2023.

Published on Tuesday, the IEA’s analysis notes that, as of the second quarter of this year, the world’s governments had set aside roughly $380 billion for “energy-related sustainable recovery measures.” This represents approximately 2% of recovery spending, it said.

In a statement issued alongside its analysis, the IEA laid out a stark picture of just how much work needed to be done in order for climate related targets to be met.

“The sums of money, both public and private, being mobilised worldwide by recovery plans fall well short of what is needed to reach international climate goals,” it said.

These shortfalls were “particularly pronounced in emerging and developing economies, many of which face particular financing challenges,” it added.

Looking ahead, the Paris-based organization estimated that, under current spending plans, the planet’s carbon dioxide emissions would be on course to hit record levels in 2023 and continue to grow in the ensuing years. There was, its analysis claimed, “no clear peak in sight.”

Commenting on the findings, Fatih Birol, the IEA’s executive director, said: “Since the Covid-19 crisis erupted, many governments may have talked about the importance of building back better for a cleaner future, but many of them are yet to put their money where their mouth is.”

“Despite increased climate ambitions, the amount of economic recovery funds being spent on clean energy is just a small sliver of the total,” he added.

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The IEA’s analysis and projections are based on its Sustainable Recovery Tracker, which was launched on Tuesday and “monitors government spending allocated to sustainable recoveries.”

The tracker takes this information and then uses it to estimate “how much this spending boosts overall clean energy investment and to what degree this affects the trajectory of global CO2 emissions.”

For his part, Birol said governments needed to “increase spending and policy action rapidly to meet the commitments they made in Paris in 2015 — including the vital provision of financing by advanced economies to the developing world.

“But they must then go even further,” he added, “by leading clean energy investment and deployment to much greater heights beyond the recovery period in order to shift the world onto a pathway to net-zero emissions by 2050, which is narrow but still achievable — if we act now.”

Birol’s reference to the Paris Agreement is notable but unsurprising. The shadow of the accord, which aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels,” looms large over discussions about net-zero goals.

Cutting human-made carbon dioxide emissions to net-zero by 2050 is seen as crucial when it comes to meeting the 1.5 degrees Celsius target.

The new findings from the IEA come after it said the planet’s demand for electricity was set for a strong rebound this year and next after dropping by approximately 1% in 2020.

Released last week, its Electricity Market Report forecasts that global electricity demand will jump by nearly 5% in 2021 and 4% in 2022, as economies around the world look to recover from the effects of the pandemic.

The report notes that although electricity generation from renewables “continues to grow strongly” it can’t keep up with increasing demand.

Renewables were, the intergovernmental organization noted, “expected to be able to serve only around half of the projected growth in global demand in 2021 and 2022.”

At the other end of the spectrum, electricity generation based on fossil fuels was “set to cover 45% of additional demand in 2021 and 40% in 2022.”

Indeed, the reality on the ground shows just how big a challenge achieving climate-related goals will be in the years ahead.

Energy companies are still discovering new oil fields, for example, while in countries such as the U.S., fossil fuels continue to play a significant role in electricity production.

At the global level, the IEA’s research published last week expects coal-fired electricity generation to rise “by almost 5% in 2021 and a further 3% in 2022, after having declined by 4.6% in 2020.”

“As a result, coal-fired electricity generation is set to exceed pre-pandemic levels in 2021 and reach an all-time high in 2022,” it adds.

Environment

First Solar opens a Louisiana factory that’s 11 Superdomes big

Published

12 hours ago

November 21, 2025

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First Solar opens a Louisiana factory that’s 11 Superdomes big

First Solar Louisiana — Photo: First Solar

First Solar just cut the ribbon on a huge new factory in Iberia Parish, Louisiana, and it dwarfs the New Orleans Superdome. The company’s $1.1 billion, fully vertically integrated facility spans 2.4 million square feet, or about 11 times the size of the stadium’s main arena.

The factory began production quietly in July, a few months ahead of schedule, and employs more than 700 people. First Solar expects that number to hit 826 by the end of the year. Once it’s fully online, the site will add 3.5 GW of annual manufacturing capacity. That brings the company’s total US footprint to 14 GW in 2026 and 17.7 GW in 2027, when its newly announced South Carolina plant is anticipated to come online.

The Louisiana plant produces First Solar’s Series 7 modules using US-made materials — glass from Illinois and Ohio, and steel from Mississippi, which is fabricated into backrails in Louisiana.

The new factory leans heavily on AI, from computer vision that spots defects on the line to deep learning tools that help technicians make real‑time adjustments.

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Louisiana Governor Jeff Landry says the investment is already a win for the region, bringing in “hundreds of good-paying jobs and new opportunities for Louisiana workers and businesses.” A new economic impact analysis from the University of Louisiana at Lafayette projects that the factory will boost Iberia Parish’s GDP by 4.4% in its first full year at capacity. The average manufacturing compensation package comes in at around $90,000, more than triple the parish’s per capita income.

First Solar CEO Mark Widmar framed the new facility as a major step for US clean energy manufacturing: “By competitively producing energy technology in America with American materials, while creating American jobs, we’re demonstrating that US reindustrialization isn’t just a thesis, it’s an operating reality.”

This site joins what’s already the largest solar manufacturing and R&D footprint in the Western Hemisphere: three factories in Ohio, one in Alabama, and R&D centers in Ohio and California. Just last week, First Solar announced a new production line in Gaffney, South Carolina, to onshore more Series 6 module work. By the end of 2026, the company expects to directly employ more than 5,500 people across the US.

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Chevy previews a sporty new EV, but will it actually come to life?

Published

12 hours ago

November 21, 2025

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Chevy previews a sporty new EV, but will it actually come to life?

No, it’s not the new Bolt. GM’s design team previewed a new high-riding “sporty Chevrolet EV” that should be brought to life.

Is Chevy launching a new sporty EV?

This is the all-electric vehicle Chevy should sell in the US. General Motors’ design team released a series of sketches previewing a sporty new Chevy EV.

Although it kinda looks like the new 2027 Chevy Bolt EV as a higher-sitting compact crossover SUV, the design offers a fresh take on what it should have looked like.

The new Bolt is essentially a modernized version of the outgoing EUV model with a similar compact crossover silhouette. Nissan adopted a similar style with the new 2026 LEAF as buyers continue shifting from smaller sedans and hatchbacks to crossovers and SUVs.

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Will we see the sporty Chevy EV in real life? It’s not likely. For one, the “exploration sketch” is by GM China Advanced designer Charles Huang.

GM Design posted the sketches on its global social media page, but the caption read “Sporty Chevrolet EV for the China Market.”

It’s too bad. The Bolt could use a sporty sibling like an SS variant. Chevy introduced the Blazer EV SS (check out our review) for the 2026 model year, its fastest “SS” model yet. Packing up to 615 horsepower and 650 lb-ft of torque, the Chevy Blazer SS can race from 0 to 60 mph in 3.4 seconds when using Wide Open Watts (WOW) mode.

Will the Bolt be next? I wouldn’t get my hopes up. And if GM does bring the sporty Chevy EV to life, it will likely only be sold in China. Like all the fun cars these days.

The 2027 Chevy Bolt EV RS (Source: Chevrolet)

What do you think of the design? Would you buy one of these in the US? Let us know your thoughts in the comments.

While deliveries of the 2027 Bolt are set to begin in early 2026, Chevy is offering some sweet deals on its current EV lineup, including up to $4,000 off in Customer Cash and 0% APR financing for 60 months.

Ready to test drive one? You can use our links below to find Chevy Equinox, Blazer, and Silverado EVs at a dealership near you.

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Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more

Published

13 hours ago

November 21, 2025

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Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss electricity becoming the base currency, Tesla Robotaxi crashes, the new Porsche Cayenne EV, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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