IEA: Investment in solar power to surpass oil investments for the first time

Investment in clean energy sources will widen its lead over investment in fossil fuels this year, while investment in solar projects will surpass investment in new oil production for the first time. The International Energy Agency (IEA) said this in its report published today.

Total investment in energy is expected to reach 2.8 trillion dollars (617.4 trillion USD) this year, according to estimates. More than 1.7 trillion USD of that is expected to go to so-called clean technologies, such as renewables, nuclear power, electric vehicles, heat pumps and efficiency improvements. The rest will go to oil, gas and coal.

Annual investment in renewable energy has risen by almost a quarter since 2021, compared with growth of 15 percent for fossil fuels. Around 90 percent of clean energy investment comes from advanced economies and China, highlighting global disparities between rich and poor countries. Investment in fossil fuels remains twice the level needed to achieve net-zero emissions by the middle of the century.