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Investment in clean energy to overtake fossil fuel spending in 2024
The International Energy Agency reports that global investment in clean energy will hit $2 trillion in 2024, with solar power receiving the most funding.
In short:
- The IEA projects $2 trillion in clean energy investments for 2024, outpacing fossil fuels two-to-one.
- Solar power investment is expected to reach $500 billion, largely driven by reduced costs.
- Despite strong investments, regions outside China, like emerging markets, face significant energy funding gaps.
Key quote:
“For every dollar going to fossil fuels today, almost two dollars are invested in clean energy.”
— Fatih Birol, Executive Director of IEA
Why this matters:
This financial commitment is part of a broader strategy to meet international climate targets and foster economic growth through the creation of green jobs and new technologies. The massive influx of capital into clean energy sectors, such as wind, geothermal, and hydropower, alongside solar, underscores the growing recognition of the economic and environmental benefits of renewable energy.
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Global renewable energy goal falls short of 2030 target, says IEA
The world is not on track to triple renewable electricity generation by 2030, an important step in transitioning from fossil fuels, but progress is accelerating.
In short:
- The International Energy Agency (IEA) found that current policies would only roughly double global renewable generation by 2030.
- Solar power constitutes about half of the planned capacity, while wind accounts for a quarter.
- Governments must focus on upgrading electricity grids, which are currently hindering progress.
Key quote:
“The tripling target is ambitious but achievable – though only if governments quickly turn promises into plans of action.”
— Fatih Birol, executive director of the IEA
Why this matters:
Meeting renewable energy targets is essential to limiting global temperature rise to 1.5C above pre-industrial levels. Achieving these goals requires immediate government action and infrastructure improvements.
Related EHN coverage:
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| BigStock Photo ID: 147195269 |
| Copyright: MIRO3D |
World shift to clean energy is unstoppable, IEA report says
The world is shifting rapidly to clean energy but still investing too much in fossil fuels, the IEA says.
| BigStock Photo ID: 147195269 |
| Copyright: MIRO3D |
World shift to clean energy is unstoppable, IEA report says
The world is shifting rapidly to clean energy but still investing too much in fossil fuels, the IEA says.
New report has terrific news for the climate
On the climate crisis, there’s good news and bad news. That’s according to the latest report from the International Energy Agency, or IEA, taking stock of humanity’s progress in addressing the problem.
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IEA: Limiting global warming still possible due to advances in clean energy
The International Energy Agency released its revised 2023 Net Zero Roadmap which calls for stronger international cooperation to limit global warming and warned of additional risk to the planet unless governments step up climate efforts between now and 2030.
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‘Beginning of the end’ of fossil fuel era approaching, says IEA
The world’s demand for oil, gas and coal will begin to decline this decade in “the beginning of the end” of the fossil fuel era, according to the global energy watchdog.
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