The pace of the energy transition is fast, but not fast enough, the IEA says

July 12 (UPI) -- The Paris-based International Energy Agency said the pace of the energy transition is moving quicker than many realize, though hard-to-abate sectors and developing economies need more help.

The IEA on Wednesday published updates to its clean-energy progress report. Renewable energy capacity reached 340 gigawatts last year, its highest ever, and the 10 million electric vehicles on the road marked a tenfold increase in just five years.

Renewables account for 30% of total global electricity generation and investments in clean energy reached $1.6 trillion last year, a 15% increase from the prior year.

In the U.S. economy, the world's largest, both renewables and cleaner-burning natural gas are on the rise in the power sector and emissions of carbon dioxide, a potent greenhouse gas, are on pace to drop by 3.8% next year, relative to year-ago levels.

The IEA, however, said the energy transition is uneven, with nearly all of the sales in EVs last year, for example, coming from China, Europe and the United States.

"The clean energy economy is rapidly taking shape, but even faster progress is needed in most areas to meet international energy and climate goals," said IEA Executive Director Fatih Birol.

The IEA in May estimated that $2.8 trillion will be invested globally in the energy sector this year, with around $1.7 trillion of that going to cleaner technologies such as nuclear power, renewable energy and electric vehicles. The rest of that, some $1 trillion, will go toward more traditional forms of energy, such as coal and crude oil.

Those fossil fuel investments are expected to increase to more than double what's expected in the IEA's net-zero scenario to 2050. Elsewhere, the agency said more work is necessary for hard-to-abate industries such as long-distance transport, like airplanes and vessels.

"Stronger policy support and greater investment are needed across a wide range of different technologies, in all regions of the world, to enable a broader and faster shift towards clean energy to keep net zero emissions by 2050 within reach," the agency said.