According to a new report, the shift to clean energy is accelerating across the globe but global investments in coal power are still much too high. The research, published by the International Energy Agency (IEA), has warned that without greater efforts to change the existing trajectory, major climate goals are unlikely to be achieved.
The report warned that despite a surge in energy efficiency and renewables investments in recent years, the world was still not spending enough to offset the growth in coal-fired power plants with more sustainable technologies. It concluded that the total spending on clean energy and energy efficiency efforts was already insufficient to meet even the most ambitious targets set out in the Paris Agreement.
The report said that current coal investments remain above $500 billion each year, more than double the amount spent on solar and wind power, posing a major challenge to meeting global carbon reduction goals. It also noted that although renewable energy investment has increased by a quarter since 2016, coal investments rose by 12% during the same period.
The IEA urged countries to increase the proportion of renewable energy investment to meet the goals of the Paris Agreement and to help transition economies towards cleaner sources of energy. It called on governments to adjust their energy policies to ensure clean energy investment levels reached the level needed to achieve climate goals.