INVESTMENT in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said yesterday.

“The world is not investing enough to meet its future energy needs … transition-related spending is gradually picking up, but remains far short of what is required to meet rising demand for energy services in a sustainable way,” the IEA said.

“Clear signals and direction from policymakers are essential. If the road ahead is paved only with good intentions, then it will be a bumpy ride indeed,” it added.

The Paris-based watchdog released its annual World Energy Outlook early this year to guide the United Nations COP26 climate change conference, now less than a month away.

It called the Glasgow, Scotland meeting the “first test of the readiness of countries to submit new and more ambitious commitments under the 2015 Paris Agreement” and “an opportunity to provide an ‘unmistakeable signal’ that accelerates the transition to clean energy worldwide.”

In recent weeks, power prices surged to record levels as oil and natural gas prices hit multi-year highs and widespread energy shortages engulfed Asia, Europe and the United States. Fossil fuel demand is also recovering as governments ease curbs to contain the spread of COVID-19.(SD-Agencies)