In its latest global outlook the IEA warns that annual energy supply investments will need to grow from $1.6trn to $2trn in the coming decades in order to ensure the reliability and sustainability of future energy systems.

The Paris-based agency highlights the huge challenges facing Europe in particular.

IEA chief economist Fatih Birol says Europe needs to make more than $2trn in power industry investments by 2035, and about 150GW of new European power will be needed in the next 20 years.