Global investment in renewables including electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps will clock in at $2 trillion in the current year, twice the amount that will go into fossil fuels, the International Energy Agency has projected. This marks the second consecutive year when combined investment in renewable power and grids will surpass the amount spent on fossil fuels, having done so for the first time in 2023.
Europe and the United States follow, with clean energy investment of $370 billion and $315 billion, respectively. This implies that these three major economies will gobble up more than two-thirds of global renewable energy investments in the current year.
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