This year, for the first time, the investments in solar energy may be more than investments in oil production, the head of the International Energy Agency (IEA) Fatih Birol said in an interview with the ‘Financial Times.’
Solar energy is the “star of global energy investments,” Birol noted. It is expected that in 2023 investments in this area will reach $382 billion, while investments in oil production will amount to $371 billion.
In 2013, spending on oil production and solar energy amounted to $636 billion and $127 billion, respectively.
Investments in the energy sector in 2023 are expected to reach $2.8 trillion, according to the IEA in the annual forecast of investments in the field of energy (World Energy Investment Outlook). More than $1.7 trillion will be spent on clean energy, including renewable sources, electric grids, storage systems, low-emission fuels, and nuclear power.
The growth of investments in clean energy and the fossil fuel segment compared to the indicators of 2021 this year will be 24% and 15%, respectively, predicts the IEA. Five years ago, investments in the energy industry amounted to $1 trillion, of which environmentally friendly technologies accounted for half.
Source: Turan News Agency