Tuesday, July 5, 2022
DOWNLOAD THE WOMEN IN ENERGY GLOBAL STUDY 2.0
HomeEnergy Live NewsIEA: “Capital spending is insufficient to tackle the energy and climate crises”

IEA: “Capital spending is insufficient to tackle the energy and climate crises”

The current level of global capital spending is still far from sufficient to combat the energy and climate crises.

That’s one of the findings of the new report by the International Energy Agency (IEA) which estimates that global energy investment is set to increase by 8% this year to reach $2.4 trillion (£1.9tn), with the anticipated rise coming mainly from renewables and energy efficiency.

The IEA suggests the rise in clean energy spending is not evenly spread – most of it is expected to take place in advanced economies and China.

The authors of the report also note that energy security concerns and high prices are prompting higher investment in fossil fuel supplies, most notably on coal.

They estimate that clean energy investment grew by only 2% a year in the five years after the Paris Agreement was signed in 2015.

IEA Executive Director Fatih Birol said: “We cannot afford to ignore either today’s global energy crisis or the climate crisis, but the good news is that we do not need to choose between them – we can tackle both at the same time.

“A massive surge in investment to accelerate clean energy transitions is the only lasting solution. This kind of investment is rising, but we need a much faster increase to ease the pressure on consumers from high fossil fuel prices, make our energy systems more secure and get the world on track to reach our climate goals.”

Energy Live Newshttps://www.energylivenews.com/
This article first appeared on ENERGY LIVE NEWS. Energy Live News (ELN) is a multi award winning independent publishing and events company. We are the UK’s leading dedicated daily news site covering energy. We make energy issues easy to understand and appeal to both the b2b sector and general consumer. We are independent, fair and outspoken in our coverage and we aim to be the place to come to for easy to understand energy news. We have won awards for our journalism. ELN also has an events arm which is also multi-award winning with industry leading conferences and awards. Our flagship conference is ENERGY LIVE EXPO, which is the must-attend event of the year and is regularly headlined by Energy Ministers and CEOs from across the sector. And our ENERGY LIVE CONSULTANCY AWARDS which won Best New Awards Event 2017, is now the gold standard accolade for UK energy broker market. Hit the web and social links below to visit Energy Live News across the web.
- Advertisment -

Most Popular