International Energy Agency (IEA) chief Fatih Birol speaks at a news conference on the sidelines of G20 Energy Ministers Meeting in Istanbul, Turkey, October 2, 2015.
REUTERS/Osman Orsal/File PhotoInvestment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but spending will fall far short of meeting urgent climate goals.
"The rebound in energy investment is a welcome sign, and I’m encouraged to see more of it flowing towards renewables,” Fatih Birol, chief of the Paris-based watchdog, said in an introduction to the annual World Energy Investment report.
The IEA issued a blockbuster warning to the energy industry last month, saying investors should not fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by mid-century.
Its call garnered few blanket commitments, even by the club of developed nations that requested the zero carbon roadmap.
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Istanbul, Turkey, Paris, China