• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Oil Market Data
    • Canada NG Market Data
    • USA Market Data
    • Data Downloads
  • Jobs

$2.4 trillion put into energy in 2022 not enough to tackle supply crunch, says IEA

June 22, 20226:40 AM Reuters0 Comments

Steel long pipes in crude oil factory during sunset

The $2.4 trillion set to be invested in energy this year includes record spending on renewables but falls short of plugging a supply gap and tackling climate change, the International Energy Agency (IEA) said on Wednesday.

Rising 8% from the previous year when the pandemic was more severe, the investment includes big increases in the power sector and efforts to bolster energy efficiency, the Paris-based watchdog said in its annual report on investment.

“A massive surge in investment to accelerate clean energy transitions is the only lasting solution,” said IEA Executive Director Fatih Birol.

“This kind of investment is rising, but we need a much faster increase to ease the pressure on consumers from high fossil fuel prices, make our energy systems more secure, and get the world on track to reach our climate goals.”

The advances are focused in the developed world, however, with poorer countries excluding China still investing no more in renewables than in 2015, when leaders inked the Paris Agreement to cap the rise in temperatures to as close as possible to 1.5 degrees Celsius above pre-industrial times.

Investment in coal – one of the most polluting fossil fuels – was up by 10% last year, the IEA warned, with China continuing to bring new coal-fired powered plants online.

Still, clean energy investment worldwide has risen 12% since 2020 after an increase of just 2% annually in the previous five years.

Investment in other fossil fuels falls short of climate goals, the IEA said, and still cannot meet rising demand if energy systems are not retooled towards cleaner technology.

“Today’s oil and gas spending is caught between two visions of the future: it is too high for a pathway aligned with limiting global warming to 1.5 °C but not enough to satisfy rising demand in a scenario where governments stick with today’s policy settings and fail to deliver on their climate pledges,” it said.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Canada’s weekly rig count up 15 to 175
  • U.S. drillers add oil and gas rigs for a record 23 months
  • U.S. natgas futures hold near 11-week low as LNG exports decline
  • No plans for extraordinary EU summit on gas prices in July
  • Oil prices rise on tight supply, inventory uncertainty

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

    Report Error





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2022 Grobes Media Inc.