Global energy investment to exceed $3tn: IEA
London, UK – Total energy investment worldwide is expected to exceed $3tn in 2024 for the first time, with some $2tn set to go toward clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, lowemissions fuels, efficiency improvements and heat pumps, the International Energy Agency (IEA) said.
The remainder, slightly over $1tn, is going to coal, gas and oil, according to the latest edition of the IEA'S annual World Energy Investment report.
In 2023, combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time.
"For every dollar going to fossil fuels today, almost two dollars are invested in clean energy," said IEA Executive Director Fatih Birol.
"The rise in clean energy spending is underpinned by strong economics, by continued cost reductions and by considerations of energy security," he added.
China is set to account for the largest share of clean energy investment in 2024, reaching an estimated $675bn.
Europe and the United States follow, with clean energy investment of $370bn and $315bn respectively.
In 2024, investment in solar PV is set to grow to $500bn as falling module prices spur new investments.
Global upstream oil and gas investment is expected to increase by 7% in 2024 to reach $570bn, following a similar rise in 2023. The growth in spending in 2023 and 2024 is predominantly by national oil companies in the Middle East and Asia.
The report added that there are still major imbalances and shortfalls in energy investment flows in many parts of the world.
China is set to account for the largest share of clean energy investment in 2024, reaching an estimated $675bn. Europe follows with clean energy investment of $370bn