Clean energy: $2 trillion investment

Protecting nature costs more and more. Global investments in clean energy infrastructure and technology are expected to reach $2 trillion this year, double the amount for fossil fuels, according to a report by the International Energy Agency (IEA). This year, total investments in energy should exceed 3,000 billion dollars for the first time, according to the annual "World Energy Investment" report of the IEA. About $2 trillion will go to green technologies, including renewables, electric vehicles (EVs), nuclear power, grids, storage, low-emission fuels, improving energy efficiency, heat pumps - the rest targeting gas, oil and coal. Combined investments in grids and renewable energy exceeded the amount spent on fossil fuels last year, for the first time. "For every dollar that goes to fossil fuels today, almost two dollars are invested in clean energy. The increase in spending on green energy is supported by the solid advance of the economy, continuous cost reductions and considerations related to energy security", said the director of the International Agency of Energy (IEA), Fatih Birol.

In 2024, the largest share of investments in clean energy will be observed in China - 675 billion dollars - followed by Europe, with 370 billion dollars, and the United States, with 315 billion dollars. Most investments will be allocated to solar photovoltaic (PV) systems - about $500 billion in 2024, following the reduction in solar module prices.

Global investment in oil and gas is expected to rise 7% in 2024 to $570 billion, after a similar advance in 2023. Most of it will belong to national oil companies in the Middle East and Asia, the report said.