World’s clean energy transition ‘too slow’: IEA

THE global transition to clean energy is still far too slow to meet climate pledges and risks fuelling even greater price volatility, the International Energy Agency warned on Wednesday.

“We are not investing enough to meet for future energy needs, and the uncertainties are setting the stage for a volatile period ahead,” said IEA chief Fatih Birol.

“The social and economic benefits of accelerating clean energy transitions are huge, and the costs of inaction are immense.”

In its annual World Energy Outlook report – published just weeks before the COP26 summit in Glasgow – the IEA calculated that investment in clean energy projects and infrastructure would need to be more than trebled over the next decade if those pledges are to be met.

At the summit, countries will come under pressure to commit to decisive action to limit global warming to 1.5 degrees Celsius above pre-industrial levels, as pledged in