Investments in solar outpace all other sources of electricity, says IEA

Investments “in solar photovoltaic technology are expected to exceed $500 billion in 2024, surpassing all other sources of (electrical) production combined,” estimates the IEA in its opus devoted to investments in energy.

As in 2023, solar energy should attract more investments than those dedicated to electricity production from fossil fuels (coal, oil, gas), wind power, nuclear power and dams.

Despite rising interest rates, which are holding back new projects, particularly in countries in the South, "global investments in clean energy are expected to almost double compared to fossil fuels in 2024, thanks to improving energy supply chains." supply and falling costs of clean technologies.

According to the IEA, the cost of photovoltaic panels has fallen by 30% over the last two years.

According to the IEA, in 2024 the world will spend $2.000 billion to equip itself with clean energies (solar, wind and nuclear, electric vehicles, electric networks and storage, low-carbon fuels, energy efficiency, heat pumps): two times more than the amount for fossil fuels (1.000 billion).

Investments in the extraction and production of gas and oil are expected to reach $570 billion this year (+7% after 9% in 2023).

Last year, investments in renewable electricity and networks "exceeded for the first time the amount devoted to fossil fuels", underlines the OECD Energy Agency based in Paris.

“Investments in clean energy are setting new records, even in difficult economic conditions, highlighting the dynamics of the new global energy economy,” said Fatih Birol, Executive Director of the IEA.

The IEA, however, underlines that “there are significant investment imbalances”.

Excluding the Chinese juggernaut, the $300 billion projected in 2024 in emerging and developing economies falls far short of "what is needed to meet the growing demand for energy in many of these countries."

“We must do more so that investments go to the places where they are most needed,” argues Mr. Birol.

States and companies are accelerating investments in clean energies to reduce greenhouse gas emissions from fossil fuels, which warm the planet.

According to the IEA, investments would need to be doubled to triple renewable energy capacity by 2030. Investments in solar photovoltaic technology are expected to exceed $500 billion in 2024, surpassing all other sources of (electricity) production combined. ", estimates the IEA in its opus devoted to investments in energy.

As in 2023, solar energy should attract more investments than those dedicated to electricity production from fossil fuels (coal, oil, gas), wind power, nuclear power and dams.

Despite rising interest rates, which are holding back new projects, particularly in countries in the South, "global investments in clean energy are expected to almost double compared to fossil fuels in 2024, thanks to improving energy supply chains." supply and falling costs of clean technologies.

According to the IEA, the cost of photovoltaic panels has fallen by 30% over the last two years.

According to the IEA, in 2024 the world will spend $2.000 billion to equip itself with clean energies (solar, wind and nuclear, electric vehicles, electric networks and storage, low-carbon fuels, energy efficiency, heat pumps): two times more than the amount for fossil fuels (1.000 billion).

Investments in the extraction and production of gas and oil are expected to reach $570 billion this year (+7% after 9% in 2023).

Last year, investments in renewable electricity and networks "exceeded for the first time the amount devoted to fossil fuels", underlines the OECD Energy Agency based in Paris.

“Investments in clean energy are setting new records, even in difficult economic conditions, highlighting the dynamics of the new global energy economy,” said Fatih Birol, Executive Director of the IEA.

The IEA, however, underlines that “there are significant investment imbalances”.

Excluding the Chinese juggernaut, the $300 billion projected in 2024 in emerging and developing economies falls far short of "what is needed to meet the growing demand for energy in many of these countries."

“We must do more so that investments go to the places where they are most needed,” argues Mr. Birol.

States and companies are accelerating investments in clean energies to reduce greenhouse gas emissions from fossil fuels, which warm the planet.

According to the IEA, investments would need to be doubled to triple renewable energy capacity by 2030.