IEA Projects Record Clean Energy Investment Outpacing Fossil Fuels by 2024

Thursday, 6 June 2024, 05:00

According to the IEA, investment in low-carbon electricity, primarily driven by solar projects, is expected to exceed that in oil and gas by 2024. Despite this positive trend, current spending on fossil fuels remains high, posing challenges to achieving climate targets. The shift towards cleaner energy sources signifies a significant transition in the global energy landscape.

https://store.livarava.com/90620c27-23cb-11ef-a40e-9d5fa15a64d8.jpg — IEA Projects Record Clean Energy Investment Outpacing Fossil Fuels by 2024

Investment in Clean Energy Surpasses Fossil Fuels by 2024

The International Energy Agency (IEA) forecasts a notable increase in investments in low-carbon electricity, mainly fueled by solar projects. Although this growth is promising, expenditures in oil and gas industries continue to remain substantial.

Challenges in Meeting Climate Goals

The persistence of high spending on fossil fuels poses a significant obstacle to reaching climate targets and transitioning to sustainable energy sources.

IEA Forecasts: Clean energy investments to overtaking fossil fuels by 2024
Driving Force: Solar projects contributing significantly to the rise in low-carbon electricity investments
Current Scenario: Oil and gas industries still commanding substantial investment shares

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.