Worldwide investment in low-carbon energy is expected to double that of the cash pumped into fossil fuel power, largely due to a spike in solar project spending, research from the International Energy Agency revealed.
Investment in clean energy, which includes sectors such as renewables, nuclear power, electric vehicles, heat pumps, and energy storage, is expected to reach US$2 trillion in 2024, the global energy organization said.
Global green energy spending topped that of fossil fuels for the first time last year and the trend is expected to continue, with the latter predicted to see investments of US$1 trillion.
For every dollar going to fossil fuels today, almost $2 are invested in clean energy, said Fatih Birol, IEA executive director.
Yet, Birol warned the amount of cash being pumped into the fossil fuel industry is still too high and puts global climate targets at risk.
Climate experts believe any new investments in the oil and gas industry will result in these goals being missed.
Over 50GW of unabated coal-fired power was approved in 2023, a year-on-year rise and the highest twelve months on record since 2015.
In 2024, worldwide oil and gas investments are expected to rise 7% to US$570 billion, which is a similar size jump as in 2023, the IEA stated.
