The world economy is growing and is burning coal, oil and gas again.

As a result, global emissions of the greenhouse gas CO2 are likely to see the second strongest annual increase in history this year.

This is what the International Energy Agency (IEA) wrote in its “World Energy Outlook 2021” published on Wednesday.

It serves as a recommendation for action before the World Climate Conference at the end of October.

Niklas Záboji

Business correspondent in Paris

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The experts emphasize that there has been great progress in the expansion of regenerative sources and electromobility.

The costs for photovoltaics and wind power have fallen significantly, which makes these energy sources the cheapest new sources of electricity in most markets.

And a total of around $ 380 billion in government spending flowed into sustainable energy to stimulate the economy, which stimulated investments in renewables, in networks, but also in hydrogen and processes for capturing, storing and recycling CO2 (CCUS).

In total, however, this is only a third of what would have been necessary to achieve a “peak” in emissions, warns the IEA.

Especially since there is still a large geographic imbalance in public investment.

Many countries could not mobilize the necessary capital to move away from coal, oil and gas.

And in sub-Saharan Africa in particular, access to energy has stalled.

"The tremendously encouraging dynamism of the world in the field of clean energy is colliding with the stubborn predominance of fossil fuels in our energy systems," says IEA Director Fatih Birol.

"That has to happen quickly"

In this way, the global community threatens to move far away from the goal of limiting the rise in global average temperature to 1.5 degrees compared to the pre-industrial era - even though, according to the IEA, more than 50 countries have set themselves net zero emissions targets. Even if the states kept their promises made so far, the temperature could be expected to rise to 2.1 degrees by the end of the century. So far, the plus is around 1.1 degrees.

The IEA report also looks at the latest record prices for coal, electricity and gas. The experts explain the development with the rapid economic recovery after the Corona crisis, "weather-related factors" and failures on the supply side. This also means a longer heating season, low wind power generation in Europe, limited hydropower production in Brazil and heat waves in Asia.

The sharp rise in energy prices has nothing to do with the efforts to switch to “green” energy. Nevertheless, the IEA admits that this switch will not be free from price fluctuations in the coming years - especially if the generation capacities are not expanded. "There is a risk of further turbulence for the global energy markets," says IEA Director Birol. Too little is being invested to meet future energy needs. “The way to resolve this mismatch is clear - an important boost to clean energy investments across all technologies and all markets. But that has to happen quickly. "

From the IEA's point of view, these investments also offer enormous economic opportunities.

Successful pursuit of net zero by 2050 would create a market for wind turbines, solar panels, lithium-ion batteries, electrolysers and fuel cells of "far more" than a trillion dollars a year.

Its size is comparable to the current oil market.

In the announced commitments scenario alone, an additional 13 million workers would be employed in clean energy and related sectors by 2030, while that number would double in the net zero emissions scenario.