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Solar power due to overtake oil production investment for first time -IEA

Solar power due to overtake oil production investment for first time -IEA

INVESTMENT in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said, with solar projects expected to outpace outlays on oil production for the first time. Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15% rise for fossil fuels, the Paris-based energy watchdog said in its World Energy Investment report. Around 90% of that clean energy spending comes from advanced economies and China, however, highlighting the global divide between rich and poor countries as fossil fuel investment is still double the levels needed to…
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