Fossil fuel output is expected to significantly jump by the end of the decade, a report found.
Researchers recently predicted that authorities want to produce about 110 per cent more coal and other natural heat sources by the year 2030.
“Demand for fossil fuels has increased, spurred by the energy crisis of 2022 after Russia’s invasion of Ukraine,” the International Energy Agency’s latest Net Zero Roadmap update said.
Australia and other countries are also investing 80 per cent more in fossil fuels than solar, wind and hydro energy.
“An estimated US$250 billion (A$380.9B) [is] set to be invested in clean energy in 2023 compared to nearly US$450B (A$685.7B) invested in fossil fuels,” the update said.
“Some large economies … have recently seen strong growth in clean energy investment but it continues to lag investment in fossil fuels in other emerging market and developing economies.”
The intergovernmental organisation concluded that coal, oil and natural gas is necessary for any transition to clean energy.
“Investment in existing fossil fuel supply projects, however, is still needed in the net zero emissions scenario to ensure that supply does not fall faster than the decline in demand,” the update said.
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