According to the International Energy Agency (IEA), $2 trillion will be invested globally in renewable energy this year, with solar energy driving the majority of this growth. Solar energy investments are predicted to surpass all other forms of electricity combined and exceed half a trillion dollars, according to the IEA’s annual World Energy Investment report.
According to IEA Executive Director Fatih Birol, “clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy.”
For the first time, the total amount invested in renewable energy and grids has topped the amount spent on fossil fuels this year. Due to improved supply chains and reduced costs, investments in renewable energy sources, such as nuclear power, electric vehicles, solar panels, wind turbines, and heat pumps, are increasing.
With the highest percentage of investment in solar photovoltaic (PV) panels, China is at the forefront. The report projected that investment in solar PV will reach $500 billion by 2024 as module prices continue to decline, noting a 30% decrease in solar panel costs over the previous two years.
By contrast, it is anticipated that worldwide upstream oil and gas investment will rise by 7% to $570 billion by 2024.
The International Energy Agency (IEA) emphasized that, by 2030, global investment in renewable electricity must quadruple in order to reach medium-term global targets for cutting carbon emissions.
