The International Energy Agency (IEA) has abandoned its previous forecasts regarding the speed of the shift toward clean energy sources—a notable change in its stance on the future of global energy.
According to the Agency’s report, “global demand for oil and gas may continue to grow until 2050,” signaling a departure from earlier projections of a rapid transition to cleaner fuels, and suggesting that the world is likely to fail in meeting climate goals.
Meanwhile, the International Renewable Energy Agency (IRENA) stated in its report that global investment in renewable energy needs to increase to about $1.4 trillion annually between 2025 and 2030 to meet global climate targets—more than double the $624 billion invested last year, according to estimates from numerous financial institutions and international organizations.
