Clean energy investment to rise to US$1.7t in 2023: IEA

This includes funding for renewables, EVs, nuclear power, grids, and storage. 

Investment in clean energy across the globe is expected to rise to US$1.7t in 2023, the International Energy Agence (IEA) reported.

This makes up a portion of the estimated US$2.8t investment in energy this year. The US$1.7t will likely fund renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps amongst others. 

Read more: Clean energy tech investment reaches over $1.4t in 2022: IEA

“Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” IEA Executive Director Fatih Birol said. 

“For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.”

The IEA added that investment in clean energy is expected to rise by 24% annually between 2021 and 2023. This is higher compared to the 15% annual growth for fossil fuel investment.