WEDNESDAY, 13th October, 2021: The Executive Director of the International Energy Agency (IEA), Dr. Faith Birol has said that failure to invest sufficiently in green energy may lead to turbulence in the energy market.
In his words, "we may well see more and more turbulence in the energy markets" if we fail to invest in green energy.
He added that this development is not good news for the global economy.
In recent weeks, energy prices in the UK, Europe and Asia have hit record highs and this has triggered inflation concerns.
IEA's annual World Energy Outlook warns that clean energy and infrastructure would need a $4 trillion a year investment.
The warning has been timed to greet the COP26 climate change summit, due to take place in Glasgow at the end of this month. Dr Birol added that it was up to world leaders to incentivise the necessary investment at the summit.
He said, "If you push clean energy, energy efficiency, solar electric cars and other [solutions], you don't need any more to use fossil fuels, you switch to clean energy sources.
"it's very simple to say, but it is the issue of the governments in order to incentivise those investments in order to fill the gap [in energy supplies] which is lacking from the fossil fuels."