"Solar power investment is set to outstrip spending on oil production this year
for the first time, the head of the International Energy Agency has said,
highlighting a surge in clean energy development that will help curb global
emissions if the trend persists.
“If these clean energy investments continue to grow in line with what we have
seen in the past few years ... we will soon start to see a very different
energy system emerging and we can keep the 1.5C goal alive,” Fatih Birol,
executive director of the IEA, told the Financial Times
, in reference to the
Paris Agreement target to limit the global temperature rise.
This year $1.7tn is forecast to be spent on clean technologies compared with
$1tn on fossil fuels. Five years ago, the $2tn in annual energy investment was
split evenly between fossil fuels and clean technology, such as renewables,
electric vehicles and low-emissions fuels.
Birol said a “new global clean energy economy is emerging”, adding: “For a man
like me who makes his hands dirty with data every single day this is a
striking, dramatic shift.”
The increased spending on clean energy is being driven by a strong rebound in
economic growth following the Covid-19 pandemic, as well as concerns about
price volatility and energy security sparked by Russia’s full-scale invasion of
Ukraine last year, according to the IEA’s annual World Energy Investment
report, published on Thursday."
Via Future Crunch
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics