Countries are not on track to meet their energy transition targets.
That’s according to the International Renewable Energy Agency (IRENA) which suggests mid- and long-term goals are needed to future-proof the world against high fossil fuel prices and other risks related to energy security.
In its World Energy Transitions Outlook 2022, the agency identifies investment needs of $5.7 trillion (£4.3tn) per year until 2030.
It also calls on governments and private investors to redirect $0.7 trillion (£0.5) annually away from fossil fuels to avoid stranded assets.
IRENA estimates the green investment could create 85 million jobs worldwide in renewables and other transition-related technologies by 2030.
That would compensate for losses of 12 million jobs in fossil fuel industries, the report suggests.
IRENA Director-General Francesco La Camera said: “The energy transition is not on track. Anything short of radical action in the coming years will diminish and even eliminate the chance to meet our goals.
“We must urgently replace coal power and phase out fossil fuel assets. And by the end of this decade, we must significantly increase renewables year-on-year.
“The current energy crisis underscores the pressing need to move faster towards a clean energy system.”