Total energy investment worldwide is expected to exceed $3 trillion for the first time in 2024, with about $2 trillion expected to go toward clean technologies – including renewables, electric vehicles, nuclear power, grids, storage, low emissions Which includes fuel, efficiency improvements and heat. , Pump, according to the latest edition of the IEA's annual World Energy Investment Report.
Solar PV is leading the transformation in the power sector. More money is now being spent on solar PV than all other power generation technologies combined. According to the report, investment in solar PV will increase to $500 billion in 2024 as falling module prices will encourage new investments.A little more than $1 trillion of investment is going into coal, gas and oil. In 2023, combined investment in renewable energy and the grid overtook the amount spent on fossil fuels for the first time.
"For every dollar spent on fossil fuels today, nearly two dollars are invested in clean energy," said Fatih Birol, IEA executive director.
However, the new report warns that there are still large imbalances and shortfalls in energy investment flows in many parts of the world. This highlights the low level of clean energy spending in emerging and developing economies (outside China), which is set to exceed $300 billion for the first time, led by India and Brazil.Yet, this represents only 15 percent of global clean energy investment. This does little to meet growing energy demand in many of these countries, where the high cost of capital hinders new projects, the report said. Stopping development. ,
When the Paris Agreement was signed in 2015, the combined investment in renewable energy and nuclear power for electricity generation was twice that of fossil fuel-fired electricity. The report says that it will increase tenfold in 2024.
China is set to take the largest share of clean energy investments in 2024, reaching an estimated $675 billion. This is a result of strong domestic demand, particularly in three industries – solar, lithium batteries and electric vehicles.Europe and the United States follow in second place with clean energy investments of $370 billion and $315 billion, respectively.
Solar PV is leading the transformation in the power sector. More money is now being spent on solar PV than all other power generation technologies combined. According to the report, investment in solar PV will increase to $500 billion in 2024 as falling module prices will encourage new investments.A little more than $1 trillion of investment is going into coal, gas and oil. In 2023, combined investment in renewable energy and the grid overtook the amount spent on fossil fuels for the first time.
"For every dollar spent on fossil fuels today, nearly two dollars are invested in clean energy," said Fatih Birol, IEA executive director.
However, the new report warns that there are still large imbalances and shortfalls in energy investment flows in many parts of the world. This highlights the low level of clean energy spending in emerging and developing economies (outside China), which is set to exceed $300 billion for the first time, led by India and Brazil.Yet, this represents only 15 percent of global clean energy investment. This does little to meet growing energy demand in many of these countries, where the high cost of capital hinders new projects, the report said. Stopping development. ,
When the Paris Agreement was signed in 2015, the combined investment in renewable energy and nuclear power for electricity generation was twice that of fossil fuel-fired electricity. The report says that it will increase tenfold in 2024.
China is set to take the largest share of clean energy investments in 2024, reaching an estimated $675 billion. This is a result of strong domestic demand, particularly in three industries – solar, lithium batteries and electric vehicles.Europe and the United States follow in second place with clean energy investments of $370 billion and $315 billion, respectively.
