Investment in renewable energy technologies from governments and the private sector needs to triple annually to $800 billion (£602bn) by 2050 to reach global climate goals.

That’s according to a new report by the International Renewable Energy Agency (IRENA), which suggests while a total of $1.8 trillion (£1.3tn) was invested between 2013 and 2018, the amount falls short of what is needed to achieve the climate commitments.

The findings of the report reveals global renewable energy investment increased between 2013 and 2018, reaching its peak at $351 billion (£264bn) in 2017.

Francesco La Camera, IRENA’s Director-General, said: “The investment trend in renewable energy before Covid-19 was a positive one.

“But Covid-19 has shown us that much more effort is urgently needed to put us on a climate-compatible pathway and help us recover better with a sustainable, resilient economy.

“Decision-makers must design systemic approaches to policies that encourage and speed up the flow of investment into renewables, and away from fossil fuels, and doing so enable economic growth, social resilience and welfare.”