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illuminem summarizes for you the essential news of the day. Read the full piece on IEA blog or enjoy below:
🗞️ Driving the news: Governments are ramping up clean energy policies, with nearly $2 trillion allocated globally since 2020, according to the IEA’s State of Energy Policy 2024 report
• These policies are driving investment in low-emission vehicles, hydrogen, batteries, and more to enhance energy security and transition to clean energy
🔭 The context: This surge in policy support follows recent global crises, including the pandemic and energy supply disruptions
• The report offers the first-ever global inventory of over 5,000 policies targeting energy transitions, highlighting significant changes in regulations, trade, and government spending
🌍 Why it matters for the planet: As countries prioritize clean energy, these policies are essential for reducing global emissions and fostering energy independence, crucial for addressing climate change and future energy crises
⏭️ What's next: The report notes a sharp rise in trade policies aimed at securing supply chains, with nearly 200 new measures since 2020, and continued focus on domestic manufacturing incentives like the U.S. Inflation Reduction Act and India's Production-Linked Incentive
💬 One quote: "The unprecedented level of policy and investment support for clean energy is a recognition that these technologies not only reduce emissions but help safeguard energy security," says Laura Cozzi, IEA Director of Sustainability, Technology and Outlooks
📈 One stat: Governments worldwide have committed almost $2 trillion in clean energy investment since 2020, nearly triple the amount following the 2007-08 financial crisis
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