Global spending on clean energy reaches $2 trillion

According to Amac News: Despite pressures on financing, global investment in clean energy will nearly double fossil fuel consumption by 2024, driven by improved supply chains and lower costs of clean technologies, the International Energy Agency said in a statement.
Total energy investment worldwide is expected to exceed US$3 trillion for the first time in 2024 and reach US$2 trillion, the agency said in a statement.
In 2023, combined investment in renewable electricity and grids will surpass fossil fuel consumption for the first time.
However, the new report warns that there are still major imbalances and shortfalls in energy investment flows in many parts of the world. This reflects the low level of clean energy spending in emerging and developing economies (outside of China), which is set to exceed $300 billion for the first time.
India and Brazil account for only about 15 percent of global clean energy investment, far below what is needed to meet the growing energy demand in many of these countries, where high capital costs prevent project development. becomes new.
The report shows that by 2024, this amount will increase tenfold, and solar PV will lead to a transformation in the electricity sector. Currently, more money is spent on stacking than any other power generation technology.
By 2024, investment in solar PV will increase to $500 billion as falling module prices drive new investments.
China is set to account for the largest share of clean energy investment in 2024, estimated at $675 billion. This is driven by strong domestic demand in three industries in particular – solar, lithium batteries and electric vehicles.
Europe and the United States are next with clean energy investments of $370 billion and $315 billion, respectively.
The International Energy Agency expects global investment in oil and gas to increase by 7 percent to $570 billion in 2024.
The report shows that investment in oil and gas in 2024 is broadly in line with demand levels in 2030 assumed by today's policy settings, but well above the scenarios projected in scenarios that meet climate targets. They target national or global.
According to the report, clean energy investment by oil and gas companies will reach $30 billion in 2023, accounting for only 4 percent of the industry's total capital expenditures.
Meanwhile, coal investment continues to rise, with more than 50 GW of coal-fired electricity approved by 2023, the highest since 2015.
In addition to economic challenges, grids and electricity storage have been an important limitation in the transfer of clean energy. But spending on networking is increasing, and is set to reach $400 billion in 2024, up from about $300 billion annually between 2015 and 2021.
Meanwhile, investment in battery storage is increasing, reaching $54 billion in 2024 as costs fall.