Global investment in clean energy is on track to reach nearly double the amount going to fossil fuels in 2024, according to the IEA’s latest annual World Energy Investment report.
Total energy investment worldwide is expected to exceed $3 trillion in 2024 for the first time, with some $2 trillion set to go toward clean technologies, according to the report. The remainder, slightly over $1 trillion, is going to coal, gas and oil.
“Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy. For every dollar going to fossil fuels today, almost two dollars are invested in clean energy,” says Fatih Birol, IEA’s Executive Director.
“The rise in clean energy spending is underpinned by strong economics, by continued cost reductions and by considerations of energy security. But there is a strong element of industrial policy, too, as major economies compete for advantage in new clean energy supply chains. More must be done to ensure that investment reaches the places where it is needed most, in particular the developing economies where access to affordable, sustainable and secure energy is severely lacking today.”
As the report highlights, solar is leading the transformation, with more money going into PV than all other electricity generation technologies combined. This year, sector investment is expected to grow to $500 billion.
China is set to account for the largest share of clean energy investment in 2024, reaching an estimated $675 billion. Europe and the U.S. follow, with renewables investment of $370 billion and $315 billion, respectively. These economies make up more than two-thirds of global clean energy investment.
The post Renewables Investments This Year Set to Outpace Fossil Fuel, Says Report appeared first on Solar Industry.
Can’t swear that this is true but hoping so.
We must never forget.
The more visibility and the more frequent reminders we can get on this catastrophe in U.S. history the better.
It’s almost funny when we hear that California is a socialist state, or a police state (due to our environmental restrictions), or that people are leaving in droves to go to Texas or Florida. When I come across people who say this, I wonder: have you ever actually been to California?
Do you know that the garden-variety 3 BR, 2 BA house here lists at about $1.2 million, where, if it were moved to, say, the Midwest, it would be worth perhaps $2500,000? Why do you think that could possibly be? Maybe the law of supply and demand doesn’t apply to the Marxist part of the nation?
Perhaps it’s because Californians are offered fantastic economic opportunities. We develop and implement ideas that improve the lives of everyone on Earth, and that we profit greatly from our undertakings.
Something for the MAGA crowd to consider.
The main way governments create wealth is by educating people so that they can become productive members of society. They also build roads and airports and maintain law and order so that honest businesses can thrive.
Anyone living now who believes that Elon Musk and Jeff Bezos are creating wealth for anyone but themselves is a total fool.
A ton of people bought into the concept expressed here in the mid-20th Century, but no semi-intelligent person today believes that tax breaks for billionaires/trillionaires generates a nickel for the common person.
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