“There is a looming risk of more turbulence for global energy markets,” Fatih Birol, the head of the agency, said in a statement Wednesday. “We are not investing enough to meet for future energy needs.”
The world is failing to invest in energy on the scale needed to escape catastrophic climate change and avoid sharp increases in fossil fuel prices, the International Energy Agency warned.
In a report just weeks before a key climate change summit known as COP26, the agency said that investment in green energy like solar and wind is falling short of what’s needed to keep the planet from warming up significantly. At the same time, spending on fossil fuels is lower than needed if current demand growth for oil, natural gas and coal continues.
