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A recent report by the International Energy Agency says today's levels of capital spending, driven by renewable energy and energy efficiency, as well as rising costs, remain nowhere near adequate to address the energy and climate crises
.
Global energy investment will grow by 8% to $2.
4 trillion in 2022, with much of the growth expected to come from clean energy
.
While encouraging, investment in growth is still nowhere near enough to address many aspects of today's energy crisis and pave the way
for a cleaner and safer energy future.
According to the report, the fastest growth in energy investment is in the power sector, mainly renewable energy and grids, as well as energy efficiency
.
However, the growth in clean energy spending has not been evenly distributed, with most of it occurring in advanced economies and China
.
In some markets, energy security concerns and high prices are driving increased investment in fossil fuel supplies, especially coal
.
"We can't ignore today's global energy crisis or the climate crisis, but the good news is that we don't need to choose between them – we can solve both," said Fatih Birol, executive director of the IEA.
This investment is increasing, but we need to increase it faster to ease the pressure high fossil fuel prices put on consumers, make our energy system safer, and put the world on track to meet our climate goals
.
”
In the five years since the Paris Agreement was signed in 2015, investment in clean energy has grown by just 2%
per year.
But since 2020, the growth rate has accelerated significantly to 12%.
Clean energy is supported by financial support from governments and helped by the rise of sustainable finance, especially in advanced economies
.
Renewables, grids and storage now account for more than
80 per cent of total investment in the power sector.
Spending on solar photovoltaics, batteries and electric vehicles is now growing
at a pace consistent with achieving global net-zero emissions by 2050.
However, tight supply chains have also played an important role
in the overall growth in investment.
Almost half of the overall spending growth reflects higher costs, from labor and services to materials
such as cement, steel and critical minerals.
These challenges have prevented some energy companies from increasing spending
more quickly.
Today, high fossil fuel prices are causing pain in many economies, but they are also bringing unprecedented "windfalls"
to oil and gas producers.
Revenues from the global oil and gas industry will jump to $4 trillion by 2022, more than double the five-year average, with most of that going to major oil and gas exporters
.
These "windfalls" provide a once-in-a-lifetime opportunity for oil and gas-producing economies to fund much-needed economic transformation and do more to diversify
spending for major oil and gas companies.
Overall, clean energy investment accounts for about 5% of global oil and gas companies' capital expenditures, up from 1%
in 2019.
Clean energy technologies require large amounts of critical minerals, and the World Energy Investment Report provides a detailed review of investment trends
in key minerals for the first time.
Higher and more diversified investments are needed to curb today's price pressures and create more resilient clean energy supply chains
.
Global exploration spending grew by 30% in 2021, with growth in the US, Canada and Latin America providing prospects for greater supply diversification in the coming years
.
A recent report by the International Energy Agency says today's levels of capital spending, driven by renewable energy and energy efficiency, as well as rising costs, remain nowhere near adequate to address the energy and climate crises
.
Global energy investment will grow by 8% to $2.
4 trillion in 2022, with much of the growth expected to come from clean energy
.
While encouraging, investment in growth is still nowhere near enough to address many aspects of today's energy crisis and pave the way
for a cleaner and safer energy future.
According to the report, the fastest growth in energy investment is in the power sector, mainly renewable energy and grids, as well as energy efficiency
.
However, the growth in clean energy spending has not been evenly distributed, with most of it occurring in advanced economies and China
.
In some markets, energy security concerns and high prices are driving increased investment in fossil fuel supplies, especially coal
.
"We can't ignore today's global energy crisis or the climate crisis, but the good news is that we don't need to choose between them – we can solve both," said Fatih Birol, executive director of the IEA.
This investment is increasing, but we need to increase it faster to ease the pressure high fossil fuel prices put on consumers, make our energy system safer, and put the world on track to meet our climate goals
.
”
In the five years since the Paris Agreement was signed in 2015, investment in clean energy has grown by just 2%
per year.
But since 2020, the growth rate has accelerated significantly to 12%.
Clean energy is supported by financial support from governments and helped by the rise of sustainable finance, especially in advanced economies
.
Renewables, grids and storage now account for more than
80 per cent of total investment in the power sector.
Spending on solar photovoltaics, batteries and electric vehicles is now growing
at a pace consistent with achieving global net-zero emissions by 2050.
However, tight supply chains have also played an important role
in the overall growth in investment.
Almost half of the overall spending growth reflects higher costs, from labor and services to materials
such as cement, steel and critical minerals.
These challenges have prevented some energy companies from increasing spending
more quickly.
Today, high fossil fuel prices are causing pain in many economies, but they are also bringing unprecedented "windfalls"
to oil and gas producers.
Revenues from the global oil and gas industry will jump to $4 trillion by 2022, more than double the five-year average, with most of that going to major oil and gas exporters
.
These "windfalls" provide a once-in-a-lifetime opportunity for oil and gas-producing economies to fund much-needed economic transformation and do more to diversify
spending for major oil and gas companies.
Overall, clean energy investment accounts for about 5% of global oil and gas companies' capital expenditures, up from 1%
in 2019.
Clean energy technologies require large amounts of critical minerals, and the World Energy Investment Report provides a detailed review of investment trends
in key minerals for the first time.
Higher and more diversified investments are needed to curb today's price pressures and create more resilient clean energy supply chains
.
Global exploration spending grew by 30% in 2021, with growth in the US, Canada and Latin America providing prospects for greater supply diversification in the coming years
.