Investment in clean energy likely to be double figure for fossil fuels in 2024, IEA says

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: The International Energy Agency (IEA) forecasts that global investment in low-carbon electricity will be ten times greater than fossil fuel power in 2024, driven by solar projects
• Clean energy investment, including renewables, nuclear power, EVs, and more, is expected to reach $2 trillion
• Fossil fuel investment is projected at $1 trillion, continuing to be a concern for meeting climate goals

🔭 The context: Solar investments, expected to hit $500 billion, are leading the clean energy charge due to a 30% cost drop and rapid expansion in China
• Global oil and gas investments are set to rise by 7% to $570 billion in 2024
• The IEA warns that such levels are incompatible with climate targets despite aligning with current energy demand forecasts

🌍 Why it matters for the planet: High fossil fuel investment hampers efforts to meet global climate goals
• Despite record clean energy investments, a separate IEA report indicates the world is not on track to triple renewable electricity generation by 2030
• More investment is needed, particularly in developing economies, to ensure sustainable energy access

⏭️ What's next: Countries like China, Europe, and the US will continue leading clean energy investments
• The IEA stresses the need for more investment in clean energy in developing nations
• Ensuring global access to affordable, sustainable, and secure energy remains a critical challenge

💬 One quote: “For every dollar going to fossil fuels today, almost $2 are invested in clean energy,” (Fatih Biro,  executive director of IEA)

📈 One stat: Global clean energy investment is likely to be double the $1 trillion forecast for fossil fuels in 2024

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