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, according to CNBC.

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.”