Of the 3 trillion dollars, 2 trillion dollars will go to clean energy.
Global investments in clean energy technologies and infrastructure are expected to reach 1.8 trillion euros (2 trillion dollars) this year, significantly more than investments in fossil fuels.
This is stated in a report by the International Energy Agency (IEA).
Total energy investments are expected to exceed 3 trillion dollars for the first time this year. So about 2 trillion dollars of that goes to clean technologies, such as renewable energy, electric cars, nuclear energy, low-emission fuels and heat pumps. The rest of the investments go to gas, oil and coal.
“For every dollar spent on fossil fuels today, almost 2 dollars are invested in clean energy”, said Fatih Birol, director of IEA. “The increase in clean energy spending is based on strong economic drivers, continued cost reductions and energy security considerations”, he added.
China is expected to be the largest investor in clean energy by 2024, with an estimated 675 billion dollars. The country is seeing particularly strong domestic demand for solar energy, lithium batteries and electric vehicles. European investments in clean energy are expected to amount to 370 billion euros, and that of the United States to 315 billion dollars.
IEA also notes that global investments in oil and gas extraction are expected to increase by 7 percent to 570 billion euros. That increase is the same as last year.
