Dramatic Investments in Clean Tech

For the first time ever in history, solar power will attract more capital than oil production, proof that a new global clean energy economy is emerging, one that will largely contribute to curbing global emissions.

“If these clean energy investments continue to grow in line with what we have seen in the past few years […]  we will soon start to see a very different energy system emerging and we can keep the 1.5C [Paris Agreement target] alive,” explains Fatih Birol, executive director of the International Energy Agency (IEA).

So far, $1.7 trillion has been invested in clean technologies this year, and $1 trillion in fossil fuels. Five years ago, the $2 trillion in annual energy investment was equally divided between fossil fuels and clean technologies which include renewables, electric vehicles, and low-emission fuels. The IEA is expecting clean energy investments to jump 24% from 2021’s allocated funding. Spending on solar power is expected to reach an impressive $1 billion a day. The future of the energy market is looking bright with G7 members and invited countries like Brazil, India, and Indonesia all aligned on energy matters.