According to Reuters, Fatih Birol, the director of the IEA, said that "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", the official added.
The advancements and investments are mostly focused on by the developed countries, with poorer nations not spending more money now on climate tech than they used to back in 2015.
The IEA also warned the industry about the fact that coal power is gaining traction, seeing a 10% increase in 2021, as China continues to bring new coal-based power plants to the grid.
Still, investment in clean energy went up by 12% when compared to 2020, say agency officials.
The IEA stated that "today's oil and gas spending is caught between two visions of the future: it is too high for a pathway aligned with limiting global warming to 1.5 °C but not enough to satisfy rising demand in a scenario where governments stick with today's policy settings and fail to deliver on their climate pledges."
Any thoughts?