IEA urges more investment in clean energy

The International Energy Agency has urged countries to increase clean energy investment, saying their current climate change measures are insufficient to achieve the goal of reducing greenhouse gases emissions to net zero by 2050.

The IEA on Wednesday published its report on measures for climate change countries have taken, ahead of the opening of the UN climate conference known as COP26 in Britain later this month.

Japan, the United States and the European Union have pledged to cut greenhouse gas emissions to net zero by 2050.

But the report says the current measures implemented by countries are insufficient.
The report says reaching a path toward net zero emissions by 2050 "requires investment in clean energy projects and infrastructure to more than triple over the next decade."

The report says such investment will create a market for lithium-ion batteries, fuel cells and other products worth "well over 1 trillion dollars a year by 2050, comparable in size to the current oil market."

The report also says clean energy investment will create jobs for millions of people.

IEA Executive Director Fatih Birol said, "The social and economic benefits of accelerating clean energy transitions are huge, and the costs of inaction are immense."