IEA: investment in clean energy tech needs to soar to $4.5 trillion through 2030 to meet the net-zero 2050 goals.
- Jan 15, 2023, 4:00 PM CST
Other hurdles to a robust development of clean energy technology include policy and supply chain bottlenecks, according to the agency. Last year, clean energy investment hit $1.4 trillion, a 10% increase compared to 2021, and representing 70% of the growth in total energy sector investment. Yet, fossil fuels still account for 80% of the primary energy mix in the world, the IEA said.
"Lead times to establish new supply chains and expand existing ones can be long, requiring policy interventions today. Opening mines or deploying clean energy infrastructure can take more than a decade. Building a factory or ramping up operations for mass-manufactured technologies requires only around 1-3 years."
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