CNBC
Summary
Clean energy investment could be on course to exceed $2 trillion per year by 2030, an increase of over 50% compared to today, according to analysis from the International Energy Agency.
The projection is found within the Paris-based organization’s World Energy Outlook 2022, which was published on Thursday morning.
It’s based on the IEA’s Stated Policies Scenario, which factors in what it calls “the latest policy settings worldwide.”
Despite this increase, the IEA repeated its assertion that clean energy investment would still need to hit over $4 trillion by 2030 in its Net Zero Emissions by 2050 Scenario.
This, the IEA’s report said, highlighted “the need to attract new investors to the energy sector.”
According to Fatih Birol, the IEA’s executive director, the changes taking place appear to be seismic ones.
“Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come,” he said. “Even with today’s policy settings, the energy world is shifting dramatically before our eyes.”
Birol added, “Government responses around the world promise to make this a historic and definitive turning point towards a cleaner, more affordable and more secure energy system.”
In a statement accompanying the report’s release, the IEA said its Stated Policies Scenario had “global demand for every fossil fuel exhibiting a peak or plateau.”
Under this outlook, “coal use falls back within the next few years, natural gas demand reaches a plateau by the end of the decade, and rising sales of electric vehicles … mean that oil demand levels off in the mid-2030s before ebbing slightly to mid-century.”
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