The International Energy Agency (IEA) said that investments to be pumped by various countries in the world into the energy sector this year, are worth $2.4 trillion.
T6HS SUM includes record spending on renewable energy sources, but it is still not enough to bridge the gap between supply and demand and face climate change.
The Paris-based agency stated, in its annual investment report, that the volume of investments increased by 8% from the previous year when the Coronavirus pandemic was at its most severe and included significant increases in the electricity sector and efforts to enhance the efficiency of use.
"A massive increase in investment to accelerate the transition to clean energy is the only sustainable solution," said Fatih Birol, Executive Director of the International Energy Agency.
“This type of investment is on the rise, but we need to ramp up much faster to ease the pressure on consumers from higher fossil fuel prices, enhance the security of our energy systems, and put the world on track to meet our climate goals,” Birol added.