Global Investment in Clean Energy Over USD 1.7 trillion in 2023, Says IEA
The fields to be outlay in renewable power, grids, storage, low-emission fuels, efficiency improvements, and end-use renewables and electrification.
May 29, 2023. By EI News Network
The fields to be outlay in renewable power, grids, storage, low-emission fuels, efficiency improvements, and end-use renewables and electrification.
The clean energy stimulated has been powered by renewable energy and electric vehicles.
The International Energy Agency (IEA) has stated that more than USD 1.7 trillion will be invested in clean energy in 2023.
As per the report, “We estimate that around USD 2.8 trillion will be invested in energy in 2023. More than USD 1.7 trillion is going to clean energy, comprising renewable power, nuclear, grids, storage, low-emission fuels, efficiency improvements, and end-use renewables and electrification.”
The IEA considers that annual clean energy investment has increased much quicker than investment in fossil fuels between 2021 and 2023 (24% vs 15%).
The report underlines the matter that the Russia-Ukraine war has contributed significantly to the intense volatility that has plagued the fossil fuel market in the last year.
The report stated: “Solar is the star performer and more than $1 billion per day is expected to go into solar investments in 2023 ($380 billion for the year as a whole), edging this spending above that in upstream oil for the first time. Consumers are investing in more electrified end uses.”
Clean energy investments have been encouraged by a variety of factors.
There is a focus on industrial strategy as countries look forward to boosting their foot in the rising clean energy economy.
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