Investment in clean energy technologies will climb to $2 trillion this year, almost double the amount spent on fossil fuels, according to the International Energy Agency.
Combined investment in renewable power and grids has overtaken the amount spent on fossil fuels for the first time. Some green projects have been impeded by rising interest rates, but this been offset by “easing supply chain pressures and falling prices,” the IEA said in its report. Solar power is leading power’s sector’s transformation, with investment in the area set to reach $500 billion this year — more than the money flowing into all other electricity generation technologies combined.
Nonetheless, the expansion of fossil fuel demand continues at a pace that leaves the world on track for potentially catastrophic climate change.