Energy leaders are calling for a new global emissions target ahead of the climate conference in Paris later this year.
A new report from the World Energy Council, which represents 2,500 industry leaders and policy makers globally, said an ambitious climate framework in necessary to get up to $53 trillion (£33.39tn) worth of investment.
It also said urgency is required due to the quick economic growth of countries such as Brazil, India or China, leading to more energy use and increased emissions.
The report proposes different policies towards a low carbon future such as removing barriers to trade, enabling technology transfer, setting a carbon price to a level the playing field and increasing energy efficiency in all sectors.
Christoph Frei, Secretary General of the World Energy Council: “It is increasingly clear that traditional mechanisms, known technology, policy and rates of innovation will not deliver the change needed to balance energy security concerns within countries and meet global climate targets. New and ambitious thinking is needed.
“This new thinking will require stable economic and policy platforms in order to boost investment and establish clear, consistent goals that guide the development of new energy infrastructure that will support the lower carbon transition.”