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IEA: Green energy needed to avoid turbulent prices - geemong - 10-14-2021

IEA: Green energy needed to avoid turbulent prices

[Image: _121068149_gettyimages-1231481304.jpg]

A failure to invest sufficiently in green energy means "we may well see more and more turbulence in the energy markets", the head of the International Energy Agency has told the BBC.

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Dr Fatih Birol said that "is not good news for the global economy".

Energy prices in the UK, Europe and Asia have hit record highs in recent weeks triggering inflation concerns.

IEA's annual World Energy Outlook warns clean energy and infrastructure need a $4 trillion a year investment.

Such an outlay would mean the world could limit the rise in global temperatures to 1.5 degrees above pre-industrial levels, as agreed in Paris six years ago.

The warning has been timed to greet the COP26 climate change summit, due to take place in Glasgow at the end of this month. Dr Birol said it was up to world leaders to incentivise the necessary investment at the summit.

"If you push clean energy, energy efficiency, solar electric cars and other [solutions], you don't need any more to use fossil fuels, you switch to clean energy sources.

"it's very simple to say, but it is the issue of the governments in order to incentivise those investments in order to fill the gap [in energy supplies] which is lacking from the fossil fuels."

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