“Solar Investment Dominates Power Sector: IEA”,In Paris, the International Energy Agency (IEA) announced that solar power is attracting more investment than all other electricity sources combined. The IEA forecasts investments to hit half a trillion dollars in the current year, underlining the growing prominence of solar energy in the global energy landscape.
The International Energy Agency (IEA) forecast in a report that global investment in clean energy this year will hit US$2 trillion, twice the amount going to fossil fuels.
It said combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time in 2023.
“Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy,” IEA executive director Fatih Birol said in a statement accompanying the agency’s annual World Energy Investment report.
Companies and governments worldwide are raising spending on clean energy production to reduce the carbon emissions from burning fossil fuels that are driving deadly climate change.
The report said improving supply chains and lower costs were driving up investment in forms of so-called clean energy, which include solar panels, wind turbines, electric cars and heat pumps, as well as nuclear power generation.
The report highlights that solar photovoltaic (PV) panels are currently attracting more investment than all other electricity generation technologies combined. This underscores the growing dominance of solar energy in the global energy investment landscape, indicating a notable shift towards renewable and sustainable power sources.
