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Solar Power Investment Exceeds Oil Production Outlay, Says IEA

As per the latest report from the International Energy Agency, notably investments in clean energy technologies ascending past those made in fossil fuels.

May 25, 2023. By EI News Network

Investors will spend more money on solar power than on oil production this year for the first time, flagging the scale and speed of the transition to low-carbon sources of energy.

As per the latest report from the International Energy Agency, notably investments in clean energy technologies ascending past those made in fossil fuels.

The rise in clean energy disbursing is driven by technologies comprising solar panels and electric vehicles that are essential to reducing dependence on the use of oil, coal and natural gas which are the main reasons for carbon emissions that lead to climate change.

However, that level of yearly investment will require to be twice by 2030 to put the world on right path to have a chance to diminish the effects of global warming.

Although, fossil fuel investment falls behind clean energy options, it’s still set to achieve the highest level since before the pandemic.

That would have to begin falling distinctively this decade to be in line with the IEA’s scenario that would observe the planet reach net-zero emissions by 2050.

According to the IEA’s latest World Energy Investment report, "About USD 2.8 trillion is set to be invested globally in energy in 2023, of which more than USD 1.7 trillion is expected to go to clean technologies – including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps".

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