The most recent version of the IEA’s World Energy Investment report, which was published on Wednesday, predicts clean energy investment will exceed $1.4 trillion this year and will make up “almost three-quarters of the growth in overall energy investment.”

However, the IEA also pointed out that there is still significant work ahead.

“The annual average growth rate in clean energy investment in the five years after the signature of the Paris Agreement in 2015 was just over 2%,” the report said.

Meanwhile, IEA’s executive director, Fatih Birol, highlighted the challenges and opportunities facing our planet, given current circumstances. 

“We cannot afford to ignore either today’s global energy crisis or the climate crisis, but the good news is that we do not need to choose between them — we can tackle both at the same time,” he said.

“[Clean energy] 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.”