SUGAR LAND--June 22, 2022--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Global energy investment is expected to grow about 8% in 2022 to reach $2.4 trillion, mainly driven by investments in clean energy. But that boost, while encouraging, still falls well short of what is needed to ward off the threat of global climate change, according to a new report from the International Energy Agency (Paris, France).

In its World Energy Investment 2022 report, released June 22, the agency looks both to policymakers around the world and oil & gas companies--whose net profits this year are expected to double to about $4 trillion--for leadership in boosting clean-energy investments to a level that would keep global temperature gain to 1.5 degrees Celsius, as called for in the 2015 Paris Agreement. Global temperatures have increased about 1.1 degrees Celsius in recent years.