Clean energy investment is outpacing spending on fossil fuels as concerns over affordability and energy security drive the momentum towards sustainable options, according to a report by the International Energy Agency (IEA). The report states that global investment in clean energy is expected to reach USD 1.7 trillion in 2023, surpassing the USD 1 trillion investment in coal, gas, and oil. The report also highlights the significant growth in annual clean energy investment, projected to rise by 24% between 2021 and 2023, compared to a 15% increase in fossil fuel investment during the same period.
The rise in clean energy investment is mainly driven by renewables and electric vehicles, with advanced economies and China accounting for more than 90% of the increase.
