The International Energy Agency reports that global investment in clean energy will hit $2 trillion in 2024, with solar power receiving the most funding.
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.
Global emissions from fossil fuels are likely to reach record highs this year, new data shows, putting nations further off track from stopping global warming.
While some nations are burning more coal this year in response to natural-gas shortages spurred by Russia’s invasion of Ukraine, that effect is expected to be short-lived.
While some nations are burning more coal this year in response to natural-gas shortages spurred by Russia’s invasion of Ukraine, that effect is expected to be short-lived.
The heat wave has been severe enough to make international headlines, but it is far from the only impact of climate change I’ve witnessed in the first half of my six-month journey through India.
