Global green energy investments must quadruple to reach the target set by the Paris climate accords, the International Renewable Energy Agency (IRENA) has said.
The agency's World Energy Transitions Outlook 2023 Preview has warned that the global energy transition is "off-track" and in need of a "fundamental course correction", which would include a significant increase in funding.
In 2021, $1.3tn (£1tn) was invested in renewable energy sources. However, the IRENA claimed that this figure must rise to around $5tn (£4tn) annually to limit global warming to 1.5ºC above pre-industrial levels by 2030.
According to the agency, the world requires $35tn (£28tn) to be invested in the sector by 2030 in order to be able to reach a "successful energy transition".
"A successful energy transition demands bold, transformative measures reflecting the urgency of the present situation," IRENA said in a press release. "Investment and...