About 2.8 trillion International investments in energy are expected to take shape this year, of which at least 1.7 trillion. it will focus on clean technologies such as electric vehicles, renewable energy and energy storage. This is stated in the corresponding report. International Energy Agency (IEA)which even estimates that investments specifically in photovoltaics will exceed 1 billion a day this year.

As a result, investment in photovoltaic power is expected to exceed investment in oil production for the first time, according to IEA chief Fatih Birol. However, total investment in coal, natural gas and oil will remain high at just over 1 trillion euros. dollars.

“Today, investment in fossil fuels is more than double the level required to achieve carbon neutrality by 2050. The gap, in particular in the coal sector, is extremely large: today’s investments are almost six times higher than the requirements for carbon neutrality by 2050-2030,” the IEA report characteristically mentions.

Despite increased investment in clean energy, the amount of investment still being directed towards fossil fuels is a concern.

Concerns that large sums are directed to the development of the fossil fuel industry.

According to the United Nations, since the 19th century, “human activity has been a major driver of climate change, especially through the burning of fossil fuels such as coal, oil and natural gas.” Therefore, the IEA’s conclusions are contrary to the goal of reducing emissions of pollutants into the atmosphere and the Paris Agreement. Achieving carbon neutrality by 2050 is considered critical to reversing climate change.

Last June, UN Secretary-General António Guterres rejected and criticized new findings about the possibility of fossil fuel extraction. He said it was nonsense and urged the entire industry to leave.

Despite strong concerns, the oil and gas industry continues to grow internationally. For example, in October 2022, BP chief Bernard Looney stated that the company’s strategy is focused on investments in hydrocarbons, as well as a planned energy transition.

While there will still be concerns about the cash flows going into fossil fuels, Birol has attempted to highlight a factor that will drive the transition to energy. “Clean energy moves fast—faster than many think. This can be seen in investment models where clean technologies are moving away from fossil fuels,” he stressed. “For every dollar invested in fossil fuels, about $1.7 is now going towards clean energy,” Birol said, explaining that just five years ago the ratio was one to one.