IEA warns of ‘worrying trend’ as global investment in renewables falls
The world's energy watchdog has sounded the alarm over a "worrying" pause in the shift to clean energy after global investment in renewables fell 7% to $318bn (£240bn) last year.
The International Energy Agency said the decline is set to continue into 2018, threatening energy security, climate change and air pollution goals.
Fossil fuels increased their share of energy supply investment for the first time since 2014, to $790bn, and will play a significant role for years on current trends, the IEA said.
Investment in coal power dropped sharply but was offset by an uptick in oil and gas spending, the World Energy Investment report found.
Dr Fatih Birol, the executive director of the IEA, said of the renewables fall: “We are seeing a decrease, which is disappointing. And more disappointing is we see the signs this decline may continue this year – this is a worrying trend.”
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