Solar energy surpassed oil for the first time with an investment of more than 1 billion dollars per day!

According to the new report of the International Energy Agency (IEA), global energy investments will reach approximately $2.8 trillion in 2023, of which more than $1.7 trillion will be made in clean energy technologies such as electric vehicles, renewable energy sources and energy storage. is planned.

Solar investments will surpass oil for the first time

In a sign of how the energy transition is progressing, the IEA’s World Energy Investments report states that solar investments are expected to grow to over $1 billion a day by 2023. Investment in solar energy “will exceed the amount invested in oil production for the first time,” the IEA’s executive director, Fatih Birol, said in a statement.

While the above information for the green energy transition is very promising, the IEA’s report also states that coal, gas and oil will continue to attract investment of “just over” $1 trillion this year. In fact, the report said, “Fossil fuel investment spending today is more than double the levels needed in the Net Zero Emissions Scenario to 2050.”

It is even emphasized that coal investments are in stark contrast with Net Zero Emissions targets. According to current figures, coal investments today are about six times the 2030 targets.

Most investments go to renewable energy

The presence of the Paris Agreement, which was signed in 2015, is also heavily felt on the IEA’s report. The landmark agreement aims to “limit global warming to less than 2 degrees Celsius, preferably 1.5 degrees Celsius, compared to pre-industrial levels”. Reducing anthropogenic carbon dioxide emissions to net zero by 2050 is vital to achieving the 1.5 degrees Celsius target.

In the published report, Birol underlines an important shift for the future: “Clean energy is moving faster than most people realize. This is evident in investment trends where clean technologies are moving away from fossil fuels.” In addition, the report draws attention to the fact that for every dollar invested in fossil fuels, approximately 1.7 dollars are currently invested in clean energy. This ratio was one-to-one five years ago.