Investment in clean energy must triple by 2030 to curb climate change -IEA
LONDON, Oct 13 (Reuters) - Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said on Wednesday.
"The world is not investing enough to meet its future energy needs ... transition‐related spending is gradually picking up, but remains far short of what is required to meet rising demand for energy services in a sustainable way," the IEA said.
"Clear signals and direction from policy makers are essential. If the road ahead is paved only with good intentions, then it will be a bumpy ride indeed," it added.
The Paris-based watchdog released its annual World Energy Outlook early this year to guide the United Nations COP26 climate change conference, now less than a month away. read more
It called the Glasgow, Scotland meeting the "first test of the readiness of countries to submit new and more ambitious commitments under the 2015 Paris Agreement" and "an opportunity to provide an 'unmistakeable signal' that accelerates the transition to clean energy worldwide."
In recent weeks, power prices surged to record levels as oil and natural gas prices hit multi-year highs and widespread energy shortages engulfed Asia and Europe.
Fossil fuel demand is also recovering as governments ease curbs to contain the spread of COVID-19. read more
The IEA warned that renewables like solar, wind and hydropower along with bioenergy need to form a far bigger share in the rebound in energy investment after the pandemic.
"We are witnessing an unsustainable economic recovery here," IEA Executive Director Fatih Birol told reporters at a virtual press conference on Wednesday.
"We see fossil fuels are growing very strongly and the prices are high, putting a break on economic growth."
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