“We’ve reached an important landmark,” IEA Executive Director Fatih Birol said in an interview as the agency published its annual World Energy Investment report. “Clean energy investment is setting new records even in challenging economic conditions.”
Combined investment in renewable power and grids has overtaken the amount spent on fossil fuels for the first time. Some green projects have been impeded by rising interest rates, but this been offset by “easing supply chain pressures and falling prices,” the IEA said in its report.
The growth is “underpinned by strong economics, by continued cost reductions and by considerations of energy security” heightened by Russia’s invasion of Ukraine, it added.
Solar power is leading power’s sector’s transformation, with investment in the area set to reach $500 billion this year — more than the money flowing into all other electricity generation technologies…
