The International Energy Agency (IEA) predicts renewables will provide half of the world's electricity by 2030, and says that investment in oil and gas is double what it should be.
The energy watchdog also appeared to criticise the UK and other Governments' decisions to open new oil fields, however acknowledged that investment in oil and gas remains necessary.
Fatih Birol, IEA Executive Director, said: "Governments, companies and investors need to get behind clean energy transitions rather than hindering them."
Mr Birol added: "claims that oil and gas represent safe or secure choices for the world's energy and climate future look weaker than ever."
A spokesperson for the Department of Energy Security and Net Zero said in response to the IEA report that the independent Climate Change Committee recognised oil and gas would continue to be part of the UK's energy mix on the path to net zero.
The Paris-based agency's report does add that investment in the sector remains essential, although says that current levels of funding should be halved.
Transition to clean energy 'unstoppable'
The IEA's report also praised the effort thus far that countries have made in expanding renewable energy.
In 2020, just 4% of cars sold were electric. That's since risen to 20%.
Continuing, Mr Birol said: "The transition to clean energy is happening worldwide and it's unstoppable. It's not a question of 'if', it's just a matter of 'how soon' - and the sooner the better for all of us."
The reports predicts that 2030 will see peak demand for oil, gas and coal with three times as much investment going into new offshore wind projects than into new fossil fuel power plants.
It also expects almost 10 times as many electric cars on the road.