Solar panel costs have decreased by 30 percent over the past two years, the IEA said. Photo: Sia KAMBOU / AFPsources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said Thursday.
It said combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time in 2023. "More money is now going into solar PV than all other electricity generation technologies combined," the report said. By comparison, global upstream oil and gas investment is expected to increase by seven percent in 2024 to reach $570 billion, following a similar rise in 2023.The IEA warned however of"major imbalances and shortfalls in energy investment flows in many parts of the world" where clean energy projects remain prohibitively expensive.