Clean Energy Spending Will Surpass $2 Trillion This Year

image via New Scientist

June 12, 2024, 4:00 PM

• •Global spending on renewables, nuclear, energy efficiency and low-emissions fuels like hydrogen is set to eclipse $2 trillion in 2024, double the $1 trillion spent on fossil fuels
• •The transformation is particularly strong in the power sector, where worldwide investment in solar ($500 billion) is set to exceed spending on all other forms of power generation combined
• •The IEA's annual World Energy Investment report is closely tracked by industry analysts as a leading indicator for trends in the energy industry

Clean energy spending is on fire. Global spending on renewables, nuclear, energy efficiency and low-emissions fuels like hydrogen is set to eclipse $2 trillion in 2024, double the $1 trillion spent on fossil fuels, according to the International Energy Agency's annual review of global energy spending. The transformation is particularly strong in the power sector, where worldwide investment in solar ($500 billion) is set to exceed spending on all other forms of power generation combined.

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