Global clean energy investment to hit $2 trillion in 2024, IEA reports
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The International Energy Agency (IEA) forecasts that global investment in clean energy technology and infrastructure will reach $2 trillion this year, doubling the amount allocated to fossil fuels. This marks a significant shift in investment trends.
The IEA’s annual World Energy Investment report projects total energy investment to surpass $3 trillion for the first time in 2024.
Of this, approximately $2 trillion will be directed towards clean technologies, covering renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps. The remaining funds will be allocated to gas, oil, and coal sectors.
In 2024, China is projected to lead global clean energy investment with an estimated $675 billion, followed by Europe with $370 billion and the United States with $315 billion.
Solar photovoltaic (PV) technology attracts the most investment among electricity generation technologies, reaching $500 billion by 2024 due to declining solar module costs.
Meanwhile, global upstream oil and gas investment is anticipated to rise by 7% to $570 billion, continuing a trend from the previous year. As the report states, this growth is primarily driven by national oil companies in the Middle East and Asia.
Also read: China introduces new policies as renewable energy expansion faces challenges
“For every dollar going to fossil fuels today, almost two dollars are invested in clean energy,” said IEA Executive Director Fatih Birol.
“The rise in clean energy spending is underpinned by strong economics, continued cost reductions and by considerations of energy security,” he added.
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