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At $1bn a day, solar investment to outpace oil for first time in 2023

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The International Energy Agency (IEA) is forecasting that investment in solar will rise to more than $1-billion a day, or to some $380-billion for 2023 as a whole, increasing spending on the renewable technology to above upstream oil for the first time ever. The agency’s World Energy Investment also indicates that more than $1.7-trillion of the $2.8-trillion to be invested in energy globally this year, will be directed towards clean technologies, including renewables, electric vehicles, nuclear, grids, storage, low-emission fuels, efficiency improvements and heat pumps.

The International Energy Agency is forecasting that investment in solar will rise to more than $1-billion a day, or to some $380-billion for 2023 as a whole, increasing spending on the renewable technology to above upstream oil for the first time ever.

The balance will be invested in coal, gas and oil, with spending on upstream oil and gas expected to rise by 7% in 2023, taking it back to 2019 levels.says. “One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.” Investment in cleaner technologies has been boosted, the agency adds, by increased government support and volatile fossil fuel prices that raised concerns about energy security, especially following Russia’s invasion of Ukraine.

 

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