New IEA report: renewable investments must triple to meet climate targets
At almost USD 290 bn, renewable investments reached a new record in 2015, but investments in renewables will need to triple to meet targets agreed at last year’s Paris climate talks, the International Energy Agency (IEA) warns in its first annual report on global energy investments.
The report points to a major shift in investment towards low-carbon sources of power generation, with renewable energy projects accounting for 40% of investment in all new power projects globally in 2015.
However, “energy investment is not yet consistent with the transition to a low-carbon energy system envisaged in the Paris Climate Agreement reached at the end of 2015,” the report says. “While wind, solar PV and electric-vehicle investments are broadly on a trajectory consistent with limiting the increase in global temperature to 2°C, investment in other low-carbon technologies is falling behind.”
