The International Renewable Energy Agency (IRENA) estimates the green investment could create 85 million jobs worldwide in renewables and other transition-related technologies by 2030. That would compensate for losses of 12 million jobs in fossil fuel industries, the report suggests.

In IRENA’s World Energy Transitions Outlook 2022, the agency identifies investment needs of $5.7 trillion per year until 2030.

It also calls on governments and private investors to redirect $0.7 trillion (£0.5) annually away from fossil fuels to avoid stranded assets.

IRENA Director-General Francesco La Camera said: “The energy transition is not on track. Anything short of radical action in the coming years will diminish and even eliminate the chance to meet our goals. ”