FirstFT: IEA says clean-energy spending must triple to curb climate change

Extreme volatility in energy markets will continue to pose a risk unless investment in clean electricity triple over the next decade, the International Energy Agency warned when it called to arms ahead of the UN climate summit.

Fatih Birol, executive director of the IEA, told the Financial Times that while public spending on renewable energy was only a third of future levels, planned investments in oil and gas were aligned with the changes needed by 2050 Required to achieve net zero greenhouse gas emissions.

“There is a gross discrepancy, and the longer this discrepancy lasts, the greater the risk of further sharp price fluctuations and increased volatility in the future,” said Birol.

Annual global energy investments are set to grow to $ 1.9 trillion this year, according to the IEA, including about $ 370 billion for new renewable power generation.

The Paris-based IEA said that even if governments implemented net-zero promises, the world would achieve only 20 percent of the emissions reductions required by 2030 to achieve the net-zero target by 2050 keep.

Thank you for reading FirstFT Europe / Africa. Here’s the rest of today’s news – Gary

Five more stories on the news

1. Deutsche Bank faces a lawsuit worth 500 million euros Palladium Hotel Group, one of the largest hotel companies in Spain, is suing Deutsche Bank for 500 million. The lawsuit is the latest in a scandal that has led to the departure of two high-ranking Deutsche bankers and out-of-court settlements.

2. EU issues largest green bond of all time The € 12 billion sale attracted more than € 135 billion in orders and was the largest green bond deal making its UK debut of € 10 billion. More on environmental, social and governance news in our Moral money newsletter – Sign up here.

3. Great Britain warns EU against “historical misjudgment” Lord David Frost, UK Minister for Brexit, said the EU would be making a “historic misjudgment” if it refused to rewrite the Brexit deal on Northern Ireland’s trade deals before Brussels released a package of measures to ease red tape on Wednesday Impact of the Protocol.

4. Anger in Welsh steel towns over bad-selling pensions The UK Parliament’s spending watchdog is being asked to investigate the handling of a multi-billion dollar pension scandal that victims claim they have “cowboy advisers” targeting Tata Steel’s factories, particularly Port Talbot in South Wales , “In their” villas “.

5. US bank chiefs: supply chain disruptions “temporary” The widespread turmoil plaguing manufacturers and retailers around the world is likely to resolve on its own in the next few months, heads of major U.S. banks told the Institute of International Finance conference.

Coronavirus digestion

• the United Kingdom will suffer longer lasting economic damage than anyone else G7 Country, the IMF warned, saying its economy would still be 3 percent smaller in 2024, while most advanced countries would revert to pre-pandemic growth projections.

• EasyJet declared the recovery in air traffic “underway” despite the second consecutive annual loss of $ 1 billion.

• Medicago, a unit of Mitsubishi Tanabe Pharma supported by Philip Morris International, plans to launch the world’s first herbal Covid-19 vaccine, potentially cheaper and easier to transport and store than traditional vaccines.

• A G20 The plan to provide debt relief to poor countries fell far short of expectations as low-income borrowers defer less than a quarter of their owed repayments.

The day ahead

China trade figures China’s trade growth for September is expected to slow down today. My colleague Aime Williams shared the lessons learned from US Trade Representative Katherine Tai’s speech on US-China trade policy in our trade secret newsletter – Sign up here. (Nikkei Asia, FT)

IEA World Energy Outlook The IEA will publish its annual report, which will provide information on the state of energy demand and supply and its impact on the climate and the economy. Elsewhere in the sector, Opec will publish a monthly oil market report while US gasoline prices soar. (IEA, FT)

Merits JPMorgan will provide an outlook on weak credit demand and general consumer spending, which has rebounded but could be threatened by the delta option. BlackRock and Infosys are also reporting profits, while Just Eat Takeaway provides a trading update.

Economic data The National Statistics Office has an estimate of UK gross domestic product for August, as well as trade and construction output and a monthly index of production and services. (ONS)

associate us for FT Live’s Asia Insurance Summit on October 28th for resilience and growth strategies from our panel of regulators, CEOs and other senior executives.

What else we read and hear

Xi relies on tumult to drive reforms China President Xi Jinping could find himself caught in a storm of his own as he pushes tough reforms to curb house prices and reduce income inequality that could do more economic harm than good, while Evergrande is on the verge of bankruptcy and manufacturers grapple with electricity shortages .

Hopes and fears for global recovery While economies are returning to a certain normalcy, the task of the central banks is relatively simple: less generous, more targeted aid will be the order of the day, writes Martin Wolf, sharing his analysis with the latest from the IMF World economic outlookandGlobal Financial Stability Report.

How Covid Could Have Started a Medical Revolution The success of mRNA vaccines in the fight against the coronavirus paves the way for a new generation of drugs under which personalized cancer treatments are being developed using technology once suspicious of Big Pharma.

Listen: “My life expectancy was 9 years old” Many people in their 30s, 40s, and even 50s have yet to start saving for retirement and are worried about how to start. David, the guest at this week’s Money Clinic, was diagnosed with cystic fibrosis and never thought he would retire.

Bart van Ark: “Productivity is made by the private sector” With global supply chains under pressure, UK Productivity Institute director, one of the toughest positions in business, talks to Chris Giles about how to improve economic performance.

Cycling in London

FT feature editor Siona Jenkins shares her journey from two-wheeled commuter to bike-obsessed city where bike lanes are often occupied by ubiquitous mamils ​​- “middle-aged men in lycra” – and shares the best routes and groups for women.