Leading the Alternative World Order

Reshaping Perspectives and Catalyzing Diplomatic Evolution

Sunday, December 3, 2023
NewsFor the first time, investments in solar energy will exceed oil in 2023

For the first time, investments in solar energy will exceed oil in 2023

The agency says in its annual energy investment report that about $380 billion, or more than $1 billion a day, will go to solar power this year, mostly photovoltaic cells. .

The agency’s report also showed that investments in clean energy technologies will far exceed investments in fossil fuels, as affordability and security issues raised by the global energy crisis build momentum behind more sustainable options. .

About $2.8 trillion is expected to be invested globally in energy in 2023, more than $1.7 trillion is expected to be spent on clean energy – including renewables, electric vehicles, energy energy, low-emission fuels, efficiency improvements and heat pumps – According to the latest report from the International Energy Agency. Which indicated that about a trillion dollars would go to coal, gas and oil.

“Clean energy is moving fast – faster than many think. It shows in investment trends, as clean technology lags behind fossil fuels,” said Fatih Birol, executive director of the International Energy Agency.

“For every dollar invested in fossil fuels, $1.7 is now spent on clean energy… Five years ago this ratio was the same. A notable example is investment in solar energy, which is expected to exceed the amount of investment that goes into oil production for the first time.

At the same time, the agency provided in its report an “increase” in funds allocated to fossil fuels. He said that investments worth 370 billion dollars will be allocated to oil production (exploration and extraction).

Read the Latest World News Today on The Eastern Herald.

For the latest updates and news follow The Eastern Herald on Google News, Instagram, Facebook, and Twitter. To show your support click here.


Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

Public Reaction



Subscribe to our Newsletter

- Gain full access to our premium content

- Never miss a story with active notifications

- Exclusive stories right into your inbox