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17.07.2018 10:24
© IEA
The IEA has warned over a “worrying” pause in the transition to clean energy after global investment in renewables fell 7% to $318bn in the last year, The Guardian reports.
The Agency stated that the decline is to continue in 2018, threating energy security, climate change and air pollution goals. For the first time since 2014, fossil fuels increased their share of energy supply investment to $790bn.
The World Energy Investment report has found that, investment in coal power dropped sharply but was offset by an increase in oil and gas investment.
The executive director of the IEA, Dr Fatih Birol, said: “We are seeing a decrease, which is disappointing. And more disappointing is we see the signs this decline may decline this year – this is a worrying trend.”, regarding renewable energy sources.
The warm words of world leaders regarding renewables need to be matched with action, Birol stated, urging governments to create less investment uncertainty for renewable energy.
Although the decline in investment was mostly due to falls in wind and hydro, solar investments hit record levels. On the fossil fuels side, investment in coal fell to its lowest in the last 10 years, but spending on gas-fired power plants rose 40%. Nuclear power also fell sharply to the lowest level of investment in the last five years. The rise of fossil fuels investment is mainly due to the rising prices, The Guardian reports.
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