IEA predicts clean energy investment to exceed $1.4Trn in 2022
Category: #energy-and-environment  By Pranali Mehta  Date: 2022-06-23
  • share
  • Twitter
  • Facebook
  • LinkedIn
IEA predicts clean energy investment to exceed $1.4Trn in 2022

According to a recent report published by IEA (International Energy Agency), energy investment worldwide is set to jump around 8% in 2022 and reach $2.4 trillion, with a recorded increase in coal supply chains.

However, much more money will be needed if climate-related objectives are achieved.

As per credible sources, the latest version of the IEA’s World Energy Investment report published recently stated that clean energy investment is expected to surpass $1.4 trillion this year and seize for almost three-quarters of the development in the overall energy investment.

The agency welcomed the move but also warned about the massive amount of work that needs to be undertaken in the future.

It also further notified that the yearly average growth rate in clean energy investment in the five years after the commencement of the Paris Agreement was just 2% in 2015.

However, the rate has surged to 12% since 2020. The IEA defined that being short of what is needed to touch the global climate goals is an important step in the right direction.

Fatih Birol, the IEA’s executive director, highlighted the challenges and opportunities faced by the planet, considering the existing situation.

He further said that the current global energy crisis or climate crisis could not be ignored. However, the good news is that it does not need to choose between them as both can be tackled simultaneously.

Birol added that a huge surge in investment for hastening clean energy transformation is the only lasting solution.

This kind of investment is increasing, but a much faster increase is required to ease the pressure on customers from high fossil fuel costs, make the energy system safer, and get the world on the path for achieving the climate goals.

Source Credit - https://www.cnbc.com/2022/06/22/clean-energy-set-for-1point4-trillion-boost-in-2022-iea-says.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Tesla CEO Elon Musk starts first Semi truck deliveries in Sparks, Nevada
Tesla CEO Elon Musk starts first Semi truck deliveries in Sparks, Nevada
By Pranali Mehta

Elon Musk, Tesla's CEO, has recently kicked off the delivery of its first few production Semi trucks developed at its factory in Sparks, Nevada, while talking with Dan Priestly, Senior Manager, Semi truck engineering Tesla. Musk and Tesla did not...

RedBrick AI backed by Sequoia India & Surge in $4.6 million funding
RedBrick AI backed by Sequoia India & Surge in $4.6 million funding
By Pranali Mehta

RedBrick AI, the health-tech startup has reportedly raised $4.6 million in a funding round, which was led by Sequoia India and Southeast Asia’s Surge. According to reports, this fund will be used to expand the market for RedBrick’s medica...

UK increases borrowing as energy support starts and economy declines
UK increases borrowing as energy support starts and economy declines
By Pranali Mehta

The UK has reportedly increased its borrowings as government assistance with energy costs and the effects of a weak economy led to an increase in the UK public debt last month to the fourth highest level for an October on record. Office for Nation...