Global investment in clean energy technologies and infrastructure is expected to hit $2tn (£1.6bn) in 2024, twice that likely spent on fossil fuels, the International Energy Agency (IEA) has said.

But while the figures suggest ramping-up investment in low-carbon energy, the amount spent on oil and gas is still too high to meet 2050 climate goals.

The increased funding was largely due to improving supply chains and lower costs for clean technologies, the IEA report found, although it warned that that there are still “major imbalances” and shortfalls in energy investment flows in many parts of the world.

It highlights the low level of clean energy spending in emerging and developing economies outside China, which is set to exceed $300bn for the first time – led by India and Brazil.

Yet this accounts for only about 15% of global clean energy investment – far below what is required to meet growing energy demand in many of these countries, where the high cost of capital is holding back the development...