NEW YORK (CNNMoney) — The International Energy Agency said the world’s clean energy investments are sorely lacking and this week called for an additional $36 trillion of funding by 2050.
In a sharply-worded introduction to a 700-page report, IEA Executive Director Maria van der Hoeven said governments and private industry need to do far more if the world is to hold global warming to what most scientists say is an acceptable level.
“Our ongoing failure to realize the full potential of clean energy technology is alarming,” said van der Hoeven. “Under current policies, both energy demand and emissions are likely to double by 2050.”
The IEA consists of mostly industrialized nations and was set up in the early 1970s to counterbalance OPEC. It conducts energy market research and helps coordinate releases from strategic oil stockpiles.
Read more at CNN Money. By Steve Hargreaves.