IEA report says green energy investments surpass fossil fuels by 70%
POWER & RENEWABLE ENERGY

IEA report says green energy investments surpass fossil fuels by 70%

A recent report from the International Energy Agency (IEA) reveals that the investments in green energy have surged, and has surpassed investments in the fossil fuels by 70%. The report, titled "World Energy Investment 2023," attributes this shift to high fossil fuel prices, enhanced policy support, and a growing commitment to addressing climate change. The IEA highlights that for every dollar spent on fossil fuels, $1.7 is now allocated to clean energy, a significant increase from the 1:1 ratio observed five years ago.

According to the report, the energy sector is expected to witness a total investment of $2.8 trillion in 2023. Out of this amount, over $1.7 trillion will be directed toward clean energy, encompassing renewable power, nuclear energy, grid infrastructure, energy storage, low-emission fuels, efficiency improvements, and electrification projects. The remaining $1 trillion will be allocated to fossil fuels, with coal accounting for 15% of this investment. Despite a declining trend in coal-fired power plant investments, the report highlights a concerning development with 40 GW of new coal plants approved in 2022, the highest figure since 2016. Most of these approvals were in China, reflecting the nation's emphasis on energy security in the wake of electricity market strains and its concurrent deployment of low-emission technologies.

The report also underscores the potential for future investments in green energy. If the current investment trajectory continues, aggregate spending by 2030 on low-emission power, grid infrastructure, energy storage, and electrification for end-use purposes will exceed the levels necessary to meet global climate pledges. Notably, the report suggests that investment levels in solar energy could align with the requirements for achieving a 1.5-degree Celsius stabilization in global average temperatures.

A recent report from the International Energy Agency (IEA) reveals that the investments in green energy have surged, and has surpassed investments in the fossil fuels by 70%. The report, titled World Energy Investment 2023, attributes this shift to high fossil fuel prices, enhanced policy support, and a growing commitment to addressing climate change. The IEA highlights that for every dollar spent on fossil fuels, $1.7 is now allocated to clean energy, a significant increase from the 1:1 ratio observed five years ago. According to the report, the energy sector is expected to witness a total investment of $2.8 trillion in 2023. Out of this amount, over $1.7 trillion will be directed toward clean energy, encompassing renewable power, nuclear energy, grid infrastructure, energy storage, low-emission fuels, efficiency improvements, and electrification projects. The remaining $1 trillion will be allocated to fossil fuels, with coal accounting for 15% of this investment. Despite a declining trend in coal-fired power plant investments, the report highlights a concerning development with 40 GW of new coal plants approved in 2022, the highest figure since 2016. Most of these approvals were in China, reflecting the nation's emphasis on energy security in the wake of electricity market strains and its concurrent deployment of low-emission technologies. The report also underscores the potential for future investments in green energy. If the current investment trajectory continues, aggregate spending by 2030 on low-emission power, grid infrastructure, energy storage, and electrification for end-use purposes will exceed the levels necessary to meet global climate pledges. Notably, the report suggests that investment levels in solar energy could align with the requirements for achieving a 1.5-degree Celsius stabilization in global average temperatures.

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?