Russia’s invasion of Ukraine has helped ignite a boom in clean energy investment which will significantly outpace spending on fossil fuels, according to the International Energy Agency.
The Guardian says a report from the IEA has found that clean energy investment is on track to reach $1.7tn this year as investors turn to renewables, electric vehicles, nuclear power, grids, storage and other low-carbon technologies.
At the same time investment in coal, gas and oil will rise to just over $1tn, the IEA said.
The Paris-based agency found that clean energy investments have been boosted by many factors including periods of strong economic growth and volatile fossil fuel prices as well as heightened concerns about energy security after Russia’s invasion of Ukraine.
The clean energy boom is particularly apparent in solar power investment, Fatih Birol, executive director of the IEA, said. “For the first time in history the amount of investment going to solar is higher than the amount going to oil production. It may be symbolic, but it is very important because it shows the tide turning,” he said.
Timely, incisive articles delivered directly to your inbox.