Climate love review

Solar investments to outpace oil for the first time in 2023

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Sarah Chabane

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IEA

Climate love
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The graph speaks for itself but investors around the world are making a powerful statement as solar power is getting more funding than oil production this year, marking a remarkable shift towards a low-carbon economy! The International Energy Agency (IEA) reports that over $1.7 trillion will be invested in clean-energy technologies, surpassing fossil fuel investments by around $1 trillion. Clean energy spending is set to grow by 24%—faster than fossil fuels at 15%. This surge is driven by solar panels and electric vehicles, leading the charge against climate change.
While this progress is good news, we need to double our annual investments by 2030 to stay on track for limiting global warming to 1.5°C and fossil fuel investment, especially in coal, must decline sharply to achieve the IEA's net-zero emissions vision.

https://economictimes.indiatimes.com/industry/renewables/solar-investments-to-overtake-oil-outlays-this-year-iea/articleshow/100492787.cms



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