This year, global investment in clean energy technology and infrastructure will reach $2T, twice as much as in fossil fuels, according to a report by the International Energy Agency (IEA).
Also, the total volume of energy investments this year will exceed $3T for the first time. Specifically, the $2T for clean technologies includes renewable energy, electric vehicles, nuclear power, energy grids, storage, low-emission fuels, efficiency gains, and heat pumps. Another $1T will go to gas, oil, and coal. It should be noted that, for the first time, cumulative investment in renewable energy and energy networks exceeded the amount spent on fossil fuels last year.
“For every dollar spent on fossil fuels today, almost two dollars are invested in clean energy,” said IEA Executive Director Fatih Birol.
He added that the increase in clean energy spending is underpinned by a strong economy, continued cost reductions, and energy security considerations.