LONDON (ICIS)–The gap in investment in clean energy and emissions reductions between advanced and developing economies is widening, the International Energy Agency (IEA) said on Wednesday.

Steps taken in emerging markets are increasingly key to reaching global climate goals.

Spending on all parts of the energy market in developing countries has fallen 20% since 2016, a decline that has accelerated since the onset of the coronavirus pandemic, to under $150bn in 2020.

This is an investment level that needs to increase to $1,000bn by 2030 if climate change mitigation targets are to be met, the IEA said.