Global investment in clean energy will reach $2 trillion (€1.84 trillion) this year, twice the amount invested in fossil fuels, according to the International Energy Agency (IEA).

How is it still legal to invest in fossil fuels?

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Clean technologies include renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps.

In 2023, combined investment in renewable electricity and grids surpassed the amount spent on fossil fuels for the first time.

According to the report, more money is going into solar photovoltaic (PV) panels than all other electricity generation technologies combined.

National oil companies in the Middle East and Asia have been the main drivers of this growth, the report said.

However, there are still energy investment shortfalls in parts of the world, such as emerging markets and developing economies outside China, the agency added.

The IEA warned that prohibitively high costs were causing “major imbalances and shortfalls in energy investment flows in many parts of the world.”

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