Two workers clean the photovoltaic panels of the Boundiali solar power plant in Boundiali on May 22, 2024. PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half a trillion dollars this year, the world's top energy research body said on Thursday .
"Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy," IEA executive director Fatih Birol said in a statement accompanying the agency's annual World Energy Investment report. Combined investment in renewables and nuclear for electricity generation is now set to reach 10 times the amount going to fossil-fuel power, led by solar, with China investing the biggest share.
By comparison, global upstream oil and gas investment is expected to increase by seven percent in 2024 to reach US$570 billion, following a similar rise in 2023.