May 25

Solar Power Due to Overtake Oil Production Investment for First Time -IEA

By Noah Browning

Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said on Thursday, with solar projects expected to outpace outlays on oil production for the first time.

Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15% rise for fossil fuels, the Paris-based energy watchdog said in its World Energy Investment report.

Photo courtesy of Science in HD.

Source: Reuters (link opens in a new window)

Energy, Technology
climate change, infrastructure, renewable energy, solar