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

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By illuminem briefings

· 2 min read

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

Click for more news covering the latest on renewables

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