Solar power is breaking records and attracting investments, more than all other electricity sources combined. The International Energy Agency predicts that at least $2 trillion will be invested globally in clean energy which is twice the amount of which is invested in fossil fuels.
According to IEA, the investment in 2023 of renewable power exceeds the amount of fossil fuels. Director of IEA, Fatih Birol, stated that investment in clean energy is making records despite having challenges with economic conditions.
All over the world, different companies and governments are raising their expenditures in concern to protect against climate change and to reduce carbon emissions from burning fossil fuels.
Research and reports emphasized that investing in renewable energy and nuclear energy is bringing a positive impact on supply chains and costs have been reduced. Money is invested in solar panels, wind turbines, electric vehicles, heat pumps, electric generators, etc.
Renewable and nuclear power supply has reached its investment to 10 times more than fossil fuels. China has secured the highest share in the investment of solar. Most of the money is spent on photovoltaic modules than other electricity generators. Costs of solar panels have been reduced by 30% in the past two years. It is expected that prices of global upstream oil and gas in 2024 by approximately 7 percent.
There are still many regions of the world where there is a major shortfall and imbalances in renewable energy investments. Clean energy investments are required to be made in many countries to meet their rising demands. IEA is concerned about the mission to reduce carbon emissions by 2030. It is required to double the investments in clean energy to achieve the goal.
