Investment in clean energy likely to be double figure for fossil fuels in 2024, IEA says

A solar farm in China, which is expected to lead the world in clean energy investment this year with spending on solar, lithium batteries and electric vehicles.A solar farm in China, which is expected to lead the world in clean energy investment this year with spending on solar, lithium batteries and electric vehicles.

“For every dollar going to fossil fuels today, almost $2 are invested in clean energy,” said the IEA’s executive director, Fatih Birol. Global oil and gas investments are expected to increase by 7% in 2024 to reach $570bn, after a similar rise in 2023, led predominantly by state-owned oil companies in the Middle East and Asia, according to the report.

This has been fuelled by a 30% fall in solar technology costs in the last two years and a rapid roll out of solar farms across China, which built as much new capacity in 2023Get set for the working day – we'll point you to all the business news and analysis you need every morning“Solar power is entirely essential to the transformation of the global energy system,” Birol said.

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