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Title:IEA: Global clean energy investment 'significantly' outpacing fossil fuel spending
Author:Michael Holder

Investment in clean energy is gaining momentum but is still off the pace required to meet the 1.5 Celsius goal, according to a new IEA report.

The IEA highlighted solar as the 'shining example' of the scale and scope of the clean energy transition, with Investment in the technology projected to be about $380 billion. Image via Shutterstock/ABCDstock

Global investment in clean energy technologies - from renewables and electric vehicles (EVs) to nuclear power plants and heat pumps - is "significantly" outpacing spending on fossil fuels, with the energy crisis having accelerated momentum around the global green energy transition, according to the latest update from the International Energy Agency (IEA).

The influential agency today predicted that investment in the world's energy system is set to reach $2.8tr in 2023, of which more than $1.7tr would go towards clean energy technologies, including renewables, EVs, nuclear, power grids, energy storage, low carbon fuels, energy efficiency projects, and heat pumps.

The remainder - just over $1tr - is still set to be invested in coal, oil, and gas projects, but the IEA stressed that clean energy technologies were moving "faster than many people realise" and that the momentum had shifted significantly in favour of clean tech in the wake of the global energy crisis.

A 24 per cent increase in clean energy investment is now expected between 2021 and 2023, driven largely by spending on renewables and EVs, compared to a 15 per cent rise in fossil fuel investment, the IEA's latest annual world energy investment report today reveals.

The IEA highlighted solar in particular as the "shining example" of the scale and scope of the clean energy transition, with investment in the technology - projected to be around $380bn - set to overtake the amount of money being channelled into oil production for the first time this year.

Led by solar, low carbon electricity technologies are expected to...

Date Added:5/26/2023 6:39:38 AM