Rising 8% from the previous year, when the pandemic was more severe, the investment includes big increases in the electricity sector and efforts to bolster energy efficiency, it said in its annual investment report published on Wednesday.
Investment in oil and gas, on top of setting back efforts to reach climate goals, could not meet rising demand if energy systems were not retooled towards cleaner technology, it said. “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,” the agency said.
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