Climate love

Sarah Chabane

21 h

IEA

Climate love

Solar investments to outpace oil for the first time in 2023

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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.


Solar investments to overtake oil outlays this year: IEA

Investment in solar energy projects is set to overtake that for oil production for the first time this year as clean energy spending outpaces that for producing fossil fuels, the IEA said Thursday.

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




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28 more agrees trigger contact with the recipient

  • Peter Kamau

    14 h

    This is so encouraging

    5
    • Munene Mugambi

      15 h

      This should be the trend onwards

      7
      • Tabitha Kimani

        19 h

        10 years have made a huge difference and this serves to encourage everyone involved in solving the climate crisis. Surely We Can Do It.

        9
        • Patrick Kiash

          20 h

          I love that, this one is speaking volumes.

          1
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