Global Clean Energy Investment Soars Since the COVID-19 Pandemic

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Cindy Mutia Annur 29/05/2023 17:16 WIB

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The International Energy Agency (IEA) report shows a dramatic increase in global clean energy investment since the Covid-19 pandemic.

Clean Energy and Fossil Fuel Investment Value (2015-2023)

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Clean Energy and Fossil Fuel Investment Value (2015-2023)

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An International Energy Agency (IEA) report shows a dramatic increase in global clean energy investment since the Covid-19 pandemic.

The IEA estimates that global clean energy investment reached US$1.74 trillion in 2023, the highest level since 2015.

“Over US$1.7 trillion will be used for clean energy investment, including renewables, nuclear, electricity grids, storage, low-emission fuels, improved efficiency and end-use of renewable energy and electrification,” according to the report titled *World Energy Investment 2023*.

Global clean energy investment also increased dramatically from 2020 to 2022, reaching US$1.25 trillion, US$1.4 trillion, and US$1.61 trillion, respectively.

Before the pandemic, global clean energy investment tended to grow slowly, unlike the post-pandemic period, which saw a significant surge, as shown in the graph.

“The recovery from the Covid-19 pandemic and the response to the global energy crisis have provided a major boost to global clean energy investment,” the IEA stated in its report.

According to the IEA, the high clean energy investment in recent years is driven by various factors. These include economic growth during a period of high and volatile fossil fuel prices, and increased policy support for climate and energy security in several countries, such as those in Europe, Japan, and China.

“This momentum is led by renewables and electric vehicles, with significant contributions also from other areas such as batteries, heat pumps and nuclear power,” the IEA stated in its report.

In contrast, fossil fuel investment has tended to decline since the Covid-19 pandemic.

The trend shows that fossil fuel investment in 2015 was the highest in the last eight years, reaching US$1.31 trillion. The figure has steadily declined until 2023, with the lowest investment in 2020 at only US$839 billion.

In 2023, fossil fuel investment is estimated at US$1.05 trillion, with the IEA reporting that approximately 15% was allocated to coal, and the remainder to oil and gas.

Editor : Padjar Iswara

"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."

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Global Clean Energy Investment Soars Since the COVID-19 Pandemic

Global Clean Energy Investment Soars Since the COVID-19 Pandemic

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