The International Energy Agency (IEA) released a new report that finds the amount invested in solar in 2023 outpaced the amount invested in oil exploration and production, marking the widening gap between renewable energy funding and investment in continuing fossil fuels. “For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy, “IEA executive director Fatih Birol said. “Five years ago, this ratio was one-to-one.”
More than $1 billion is forecast to be spent on solar every day in 2023, totalling around $380 billion for the year. Of the $2.8 trillion forecast to be invested in global energy in 2023, over 60 percent will go to clean energy projects, a dramatic increase compared to previous years and a signal the world may be approaching peak fossil fuel demand. Still, IEA found that the amount spent on fossil fuels today is more than double what it needs to be to achieve net zero emissions by 2050. (Axios, CNN, CNBC, Reuters, Wall Street Journal $, FT $, Bloomberg $)