Solar power is about to overtake oil production investment for first time - Autoblog

"Clean energy is moving fast – faster than many people realize," said IEA Executive Director Fatih Birol.

Around $2.8 trillion is set to be invested in energy worldwide in 2023, of which more than $1.7 trillion is expected to go to renewables, nuclear power,The rest, or around $1 trillion, will go to oil, gas and coal, demand for the last of which will reach an all-time high or six times the level needed in 2030 to reach net zero by 2050.

In 2023, solar power spending is due to hit more than $1 billion a day or $382 billion for the year, while investment in oil production will stand at $371 billion.

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