The switch to clean energy is leading to the decline of the oil industry. world needs a much bigger plan to save the climate and achieve zero net emissions by 2050 . This is according to the International Agency of the Energy, which said in its global energy outlook released Wednesday that more aggressive climate action is needed as world leaders prepare for the crucial COP26 summit in Glasgow in November. clean energy is hampered by the persistence of fossil fuels in our energy systems, Executive Director Fatih Birol said in a statement. Governments must address this issue at COP26 by giving a clear and unequivocal signal that they are determined to rapidly develop the clean and resilient technologies of the future. Over 50 countries and the European Union have pledged to achieve net zero emissions targets.fossil fuels will peak by 2025, but global CO2 emissions will only decline by 40% by 2050, a far cry from net zero. In this scenario, the world would still consume 75 million barrels of oil per day by 2050, only 25 million barrels less than today.Read moreThe energy sector has been supported in recent weeks by a sharp rise in prices. Natural gas prices in Europe and Asia soared , while the cost of coal in China is at an all time high. This has helped push oil prices to their highest level since 2014, while some energy suppliers are turning tooil for the production of electricity. But the IEA report includes a warning to the fossil fuel industry. The demand for peak oil in all scenarios studied by the agency, and if countries keep their climate commitments, that moment will arrive in just a few years. What is needed At present, investments in clean energy projects and infrastructure are insufficient. The IEA has said that the development of new oilfield or coal mining projects must stop if the world is to limit warming to 1.5 degrees Celsius. There is an imminent risk of further turbulence. for global energy markets said Birol. We are not investing enough to meet future energy needs, and uncertainties set the stage for a volatile period to come. Birol said that to achieve net zero emissions, thes investments in clean energy are expected to more than triple over the next decade. About 70% of this spending is expected to occur in developing economies where financing is scarce and capital remains seven times more expensive than in advanced economies. The way forward is difficult and narrow , especially if investments continue to fall short of what is required, the IEA said in its report. But he said there was hope if government leaders stepped up next month. The surge in required investments will largely be carried out by private developers, consumers and financiers. responding to market signals and government-defined policies . climate talks, the IEA stressed. Momentum had strengthened before COP26 to implement more stringent measures, such as ending the date on the use of coal, fuel oil and gas.most carbonated ustible. But talks have been complicated by the recent energy crisis, which is fueling fears that businesses will shut down and consumers will face skyrocketing bills this winter. Last month, China promised do not build new coal-fired power projects overseas. Yet in an effort to alleviate the worsening energy crisis, Beijing recently ordered mines to increase production. The IEA predicts that demand for coal will decline by 10% by 2030 if countries meet their climate commitments. To limit warming to 1.5 degrees Celsius and avoid a climate catastrophe, consumption must drop by 55%.