The International Energy Agency’s (IEA) annual report details capital flows into various energy resources.
Solar power will receive the highest level of investment out of any energy source. Credit: Entergy Corporation.
Global investment in clean energy technology and infrastructure is set to reach $2trn in 2024, twice the amount going into fossil fuels, according to the IEA.
In its annual World Energy Investment report, the IEA said total energy investment is expected to exceed $3trn for the first time in 2024.
Of that figure, $2trn will go towards clean technologies such as renewables, electric vehicles, nuclear power, storage, grids, low-emissions fuels, efficiency improvements and heat pumps, with the remaining $1trn directed towards oil, gas and coal.
In 2023, combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time.
IEA executive director Fatih Birol: “For every dollar going to fossil fuels today, almost two dollars are invested in clean energy. The rise in clean energy spending is underpinned by strong economics, continued cost reductions and by considerations of energy security.”
Investment in solar photovoltaic (PV) is set to grow to $500bn in 2024, the most ever spent on any electricity generation technology, due to falling solar module prices.
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