Clean energy investment is extending its lead over fossil fuels

Global investment in clean energy is expected to rise to a record $1.7 trillion in 2023. However, spending on fossil fuels is still set to exceed $1 trillion.

Solar is the “star performer” and is set to overtake investment in upstream oil by attracting $380 billion in 2023.

Investment in clean energy will need to eclipse fossil fuel spend by 9:1 by 2030 to stay on track for 1.5 degrees.

“Investment in clean energy technologies is significantly outpacing spending on fossil fuels as affordability and security concerns triggered by the global energy crisis strengthen the momentum behind more sustainable options,” according to International Energy Agency’s World Energy Investment Report-2023.