In a major shift towards sustainable energy, global investment in clean energy is set to nearly double that of fossil fuels in 2024, reaching close to $2 trillion, according to the International Energy Agency’s (IEA) annual World Energy Investment report.
The overall global energy investment is projected to surpass $3 trillion for the first time next year, with the majority of funds being directed towards clean technologies like renewables, electric vehicles, nuclear power, grids, and storage.
The report highlights a significant milestone – in 2023, investments in renewable power and grid technologies exceeded those in fossil fuels for the first time. Despite this positive global trend, over $1 trillion will still be allocated to traditional energy sources such as coal, gas, and oil.
The IEA report also points out notable disparities, especially in emerging and developing economies outside China. In these regions, clean energy spending is expected to surpass $300 billion for the first time, with countries like India and Brazil leading the charge.
Additionally, the report underscores improvements in investment in grid and battery storage, which are vital for the clean energy transition. Investment in grids is anticipated to reach $400 billion in 2024, a significant increase from the annual average of $300 billion recorded between 2015 and 2021. As reported by ETEnergyworld.com, investment in battery storage is expected to hit $54 billion in 2024, though this expenditure remains largely concentrated in advanced economies and China.
