OREANDA-NEWS The amount of investment in the energy sector needed to close the supply gap is estimated at $2.4 trillion, according to the website of the International Energy Agency, Gazeta.ru reported.

The volume of investments in the energy sector this year could be at $2.4 trillion, which is 8% higher than in 2021. In particular, most of the investments will go into the electricity sector and energy efficiency improvement.

Despite record investments in renewable energy, the report said the funds are not enough to increase energy security and accelerate the energy transition to improve the climate.

The IEA added that investment in the energy transition is growing only in developed economies. In developing countries, however, investments have not changed since 2015, when the Paris Agreement was signed.

Earlier, Fatih Birol, head of the International Energy Agency, said that European residents can reduce the indoor temperature of residential buildings by two degrees to save gas, which comes mostly from Russia.