Climate targets will not be met unless more is invested in clean energy.
The annual government spending on energy research and development is around $17 billion (£11bn), according to the International Energy Agency (IEA).
IEA Executive Director Maria van der Hoeven said: “Tripling this level, as we recommend, requires governments and the private sector to work closely together and shift their focus to low carbon technologies.”
The report, Energy Technology Perspectives (ETP 2015), states governments aren’t doing enough to limit global temperatures to 2°C.
It also suggests the development of new energy technologies is key to tackling climate change and urges policymakers to step up efforts to support them.
Ms van der Hoeven added: “The stakes are high for the energy sector but it is also no stranger to profound technological change.”