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IEA expects energy investment to exceed $3 trillion this year

[06/06/2024 12:25]

LONDON-SABA
The International Energy Agency (IEA) predicted in a report that total investment in global energy will exceed three trillion dollars for the first time in 2024.

The IEA said in its annual global energy investment report released on Thursday, "About two trillion dollars are set to go to clean energy technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, efficiency improvement and heat pumps, with the rest going towards gas, oil and coal."

Joint investment in energy and renewable grids exceeded the amount spent on fossil fuels for the first time in 2023.

IEA Executive Director Fatih Birol said, "For every dollar that goes to fossil fuels today, nearly two dollars are invested in clean energy, and the rise in clean energy spending is being supported by strong economies, ongoing cost cuts and energy security considerations."

China is set to account for the largest share of clean energy investment in 2024 with an estimated $675 billion, while Europe is set to have $370 billion and the United States $315 billion.

Spending on solar PV is more concentrated than any other electricity generation technology, and investments are expected to grow to $500 billion in 2024, due to lower prices for solar modules.