Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

Two new analyses show that governments' economic responses to COVID-19 haven't been remotely as climate-friendly as multilateral agencies and advocates called for when the crisis took hold last year.

Driving the news, part 1: An International Energy Agency report finds that as of this year's second quarter, 2% — or $380 billion — of the $16 trillion worldwide fiscal response has been allocated to clean energy measures.

  • A lot of that $16 trillion went toward emergency support and relief to people and companies.
  • But even looking at longer-term recovery and growth-related spending, clean energy is still a fraction of the $2.3 trillion in that category.

Driving the news, part 2: The research firm BloombergNEF, in a separate analysis, concludes: "Calls for a green economic recovery have thus far largely fallen on deaf ears, with much more funding targeted at CO2-intensive sectors."

  • Their findings, part of a wider new climate policy report released in partnership with Bloomberg Philanthropies, explore measures in the G20 group of nations.
  • Their assessment is that $363 billion has been allocated for various kinds of "green" efforts, while over $1.2 trillion has been set aside for "carbon-intensive sectors such as aviation and construction with no green element."

Why it matters: Groups like the IEA, International Monetary Fund and environmentalists say that recovery packages should serve the dual purpose of restoring economies while helping to cut carbon emissions.

The findings come as emissions have rebounded from their big decline during the last year's pandemic restrictions and may be heading for record highs.

What they're saying: "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," IEA head Fatih Birol said.

What we're watching: In the U.S, the $3.5 trillion budget reconciliation package Senate Democrats hope to pass, which is slated to have major clean energy spending and tax incentives.

The proposed bipartisan infrastructure plan has smaller but still significant provisions, including $73 billion in grid and transmission spending.

Reproduced from an IEA report; Chart: Axios Visuals

The new IEA analysis projects that global carbon emissions are heading for a new record despite some green provisions in governments' recovery plans to date.

The big picture: Check out the middle line in the chart above.

  • It shows IEA's top-line finding that even if the clean energy measures in nations' recovery measures to date are implemented, energy-related CO2 emissions — that is, the lion's share — will keep rising.
  • The provisions and the private resources they would leverage lead to lower emissions than would have occurred absent the efforts, but it's nothing close to an emissions trajectory consistent with Paris Agreement targets.

The bottom line: "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," IEA said in a statement alongside the analysis.

Go deeper

Oct 21, 2021 - Health

Pediatric groups declare youth mental health crisis a national emergency

Kids attending school in Los Angeles, California. Photo: ROBYN BECK/AFP via Getty Images

Three major pediatric health groups declared on Tuesday a national state of emergency in children's mental health.

The big picture: Rates of childhood mental health issues and suicide had been rising since 2010 but worsened significantly in the last year amid the COVID-19 pandemic and ongoing social unrest around racial justice.

What to know about COP26 in Glasgow

A banner advertising the upcoming COP26 climate talks in Glasgow, U.K., on Oct. 20. Photo: Ian Forsyth/Bloomberg via Getty Images

More than 100 world leaders — as well as thousands of diplomats and business leaders — are set to converge on Glasgow, Scotland, starting Oct. 31 to try to set new emissions reduction goals at the COP26 climate summit.

Why it matters: It's an annual meeting, but this year's assembly is viewed as crucial, since climate scientists warn that time is running out to secure necessary greenhouse gas emissions cuts to avoid potentially devastating climate change impacts during the next several decades.

DeSantis to convene state legislature to fight COVID vaccine mandates

Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

Florida Gov. Ron DeSantis announced Thursday that he will convene a special session of the state legislature to combat coronavirus vaccine mandates enacted by businesses and "provide protections for employees."

Why it matters: This is the Republican governor's latest move to penalize local entities that implement mask or vaccine mandates to contain the spread of the virus.