Clean energy to see double the investment in fossil fuels in 2024: IEA

PARIS, June 7, 2024 – Clean energy investments in 2024 will reach USD 2 trillion and be double those in fossil fuels, according to a report from the IEA released on Thursday.

Worldwide investment in energy is expected to break the USD 3-trillion threshold for the first time this year, the International Energy Agency said.

Clean energy investments tallied in the report include those in technologies such as renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps.

Fossil fuels investments comprise those in oil, gas and coal.

“For every dollar going to fossil fuels today, almost two dollars are invested in clean energy,” IEA executive director Fatih Birol was quoted as saying.

“The rise in clean energy spending is underpinned by strong economics, continued cost reductions and by considerations of energy security,” he added.

Global upstream oil and gas investment is nevertheless growing, with the agency expecting it to increase by 7% in 2024 to reach USD 570 billion.

2023 marked the first year investment in renewable power and grids overtook the amount spent on fossil fuels.

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