cross-posted from: https://lemmy.world/post/16239452

IEA: Clean energy investment to reach $2 trillion in 2024

According to the International Energy Agency (IEA), more money is being invested in solar power than in all other sources of electricity combined.

Global investment in clean energy will reach $2 trillion (€1.84 trillion) this year, twice the amount invested in fossil fuels, according to the International Energy Agency (IEA).

“For every dollar going to fossil fuels today, almost two dollars are invested in clean energy,” said IEA Executive Director Fatih Birol.

Clean technologies include renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps.

Meanwhile, total energy investment is expected to exceed $3 trillion for the first time in 2024, the agency said in its annual World Energy Investment report.

In 2023, combined investment in renewable electricity and grids surpassed the amount spent on fossil fuels for the first time.