According to the IEA, China is set to account for the largest share of investment this year, reaching an estimated $675 billion due to strong domestic demand for solar power, lithium batteries and electric vehicles. Photo Credit: Cfoto/Zuma Press

Environment The World5. September 2024

$2 Trillion Invested in Green Technology (This Year Alone!)

By the end of 2024, $2 trillion will be invested in clean-energy technology and infrastructure, with solar power attracting more investment than any other form of renewable generation source, with $500 billion this year.

“For every dollar going to fossil fuels today, almost two dollars are invested in clean energy,” explains the International Energy Agency Executive Director Fatih Birol. “The rise in clean energy spending is underpinned by strong economics, by continued cost reductions and by considerations of energy security.”

China’s investment will reach $675 billion – the most significant share this year – due to strong domestic demand for solar power, lithium batteries, and electric vehicles. Europe and the United States will invest $370 billion and $315 billion, respectively. Investments in grids should hit $400 billion, while battery storage should exceed $50 billion. Nuclear power should account for 9% of clean-power investment. Global investment in fossil fuels is expected to increase by 7% to $570 billion, but to reach net-zero emissions by 2050, such investments must be cut below $450 billion a year by 2030, with an extra $500 billion a year allocated toward renewable power generation, grids, and storage. “Much greater efforts are needed to get on track to meet energy and climate goals, including those agreed at COP28 [in Dubai].” 

Source:
WSJ

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