Clean energy investment has ‘stalled’, says IEA
Global energy investment resumed in 2018, with a bounce back in fossil fuel expenditure, whilst renewable energy investment remained stagnant, says the International Energy Agency’s (IEA) new annual review.
Research from the World Energy Investment 2019 report shows a “growing mismatch between current trends and the paths to meeting the Paris Agreement and other sustainable development goals,” says the study.
Global energy spending came to more than $1.8trn last year, a similar total to the year previous (2017).
The largest increase in overall energy investment was from the United States, where increase spending on the country’s upstream supply, particularly shale, was a key contributor.
“At the same time, there are few signs of the substantial reallocation of capital towards energy efficiency and cleaner supply sources that is needed to bring investments in line with the Paris Agreement and other sustainable development goals,” stated the IEA’s review.
IEA executive director Fatih Birol said: “Energy investments now face unprecedented uncertainties, with shifts in markets, policies and technologies.
“But the bottom line is that the world is not investing enough in traditional elements of supply to maintain today’s consumption patterns, nor is it investing enough in cleaner energy technologies to change course. Whichever way you look, we are storing up risks for the future.”
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