Sites of Solar panels
Investment in solar power is predicted to exceed oil for the first time in history this year, as clean energy spending outpaces that for fossil fuels.
This comes according to a report by the International Energy Agency (IEA) on Thursday.
While this represents a positive development, the IEA warns that investment in fossil fuels is increasing instead of declining rapidly, posing a challenge to achieving net zero emissions by 2050.
The IEA's latest report on energy investment highlights the rapid progress of clean energy, stating that clean technologies are outpacing fossil fuels.
IEA Executive Director Fatih Birol emphasizes the momentum of clean energy, stating that "clean energy is moving fast – faster than many people realize."
The report indicates that annual investment in clean energy is projected to rise by 24% from 2021, surpassing $1.7 trillion in 2023, while fossil fuel investment grew by 15% during the same period.
Just five years ago, investments in clean energy and fossil fuels were on par. However, a combination of factors, such as high oil and gas prices and concerns about supply, has propelled spending on renewables ahead.
Notably, solar power investment is set to overtake oil production investment for the first time, reaching $380 billion compared to $370 billion for oil exploration and extraction.
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