Global Clean Energy Investment Surpasses Fossil Fuels

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Adi Ahdiat 15/07/2024 16:52 WIB

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According to the IEA report, the global trend in fossil fuel investment is weakening, while investment in clean energy is strengthening through 2024. However, the level of investment is still insuffi

Global Fossil Fuel and Clean Energy Investment Values per Year (2015-2024*)

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Global Fossil Fuel and Clean Energy Investment Values per Year (2015-2024*)

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According to the International Energy Agency (IEA), global energy investment reached US$3.12 trillion in 2024.

Approximately US$1.12 trillion (36%) went to fossil fuels, while US$2 trillion (64%) was invested in clean energy.

"Clean energy investment has increased significantly since 2020. Global spending on renewable energy and its infrastructure is now higher than spending on oil, gas, and coal," stated the IEA in its *World Energy Investment 2024* report.

This clean energy investment, as noted by the IEA, spans various industries, including solar panel technology, transmission networks and electricity storage facilities, low-emission fuel production, and nuclear power generation.

The IEA assesses that the increase in clean energy investment has led to lower prices for metals, minerals, and other supply materials crucial for energy transition technologies.

However, the capital is still insufficient to achieve climate change mitigation targets.

"Current investment trends are not aligned with the levels needed for the world to limit global warming to a maximum of 1.5°C above pre-industrial levels," said the IEA.

"The current momentum is impressive, but if the trend continues, it will only meet about two-thirds of the total investment needed to triple renewable energy capacity by 2030," it continued.

The IEA also estimates that an additional US$500 billion per year in clean energy investment is needed to achieve a net-zero emissions scenario.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."