Last year, investments in low-carbon energy hit $1.1 trillion—a record high and a major increase on the previous year.
However, this record investment did nothing for the world’s energy security, it seems, because besides the record investments in renewables, 2022 was also a year that saw a major increase in oil, gas, and coal demand.
Not only that, but warnings multiplied about more fossil fuels investments that will be needed. Even the head of the International Energy Agency warned earlier this month that the oil market is facing a shortage later this year because of a growing gap between supply and demand.
In such a context, when the most developed economies in the world are striving to reduce their dependence on fossil fuels, one cannot help but wonder why they are also encouraging more fossil fuel production.