Investment in solar energy surpasses oil for the first time
Global investment in solar energy is expected to surpass investment in oil production for the first time this year, the International Energy Agency (IEA) said on Thursday.
The IEA projects that investment in solar energy will reach US$380 billion (€354 billion) in 2023, compared with investments in oil exploration and extraction of US$370 billion (€345 billion).
“It crowns solar power as a true energy superpower,” said Dave Jones, head of data insights at energy think tank Ember.
But, he added, “the irony is that some of the sunniest places in the world have the lowest levels of investment in solar energy.”
Renewable energy upgrade
Annual investment in clean energy more broadly is expected to reach $1.7 trillion in 2023 – an increase of approximately 25% from 2021.
Another $1 trillion was expected to be invested in fossil fuels. Spending in this field has increased by 15% since 2021, according to Paris-based energy regulator World Energy Investment.
“Clean energy is moving fast – faster than many people realize,” said IEA Executive Director Fatih Birol. “For every dollar invested in fossil fuels, about $1.7 is going into clean energy. Five years ago, that ratio was one to one.”
Photovoltaic solar panels represent the bulk of investment in green energy.
Source: DW
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