Data | Clean energy funds rise, but mostly in China, Europe, U.S. Premium
The Hindu
The latest report by the International Energy Agency, ‘World Energy Investment 2023,’ shows that investment in clean energy has increased in recent years, with the transition mainly fuelled by Electric Vehicles (EVs) and renewable power.
The latest report by the International Energy Agency, ‘World Energy Investment 2023,’ shows that investment in clean energy has increased in recent years, with the transition mainly fuelled by Electric Vehicles (EVs) and renewable power. However, investments are concentrated in advanced economies and China. More worryingly, the decline in the prices of clean energy technologies has reversed slightly in the past two years.
The report shows that economic recovery from the COVID-19 pandemic coupled with global efforts in tackling energy scarcity have significantly propelled investments in the renewable energy sector. The report, which compares the International Energy Agency’s 2023 forecasts with the actual data from 2021, highlights a notable finding: annual investments in green energy have outpaced those in fossil fuels during this period, recording a growth of 24% against 15%.
The report also highlights the influence of recent geopolitical events on the energy market. Specifically, it points out that Russia’s invasion of Ukraine has led to substantial instability in the fossil fuel markets. Interestingly, this volatility has inadvertently accelerated the deployment of various renewable energy technologies, despite triggering an immediate scramble for oil and gas resources.
Chart 1 | The chart shows the global energy investment in clean energy and fossil fuels, 2015-2023 (estimated) in billion $
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While investments in fossil fuels have been stagnant, money flow into clean energy has considerably grown in recent years. The push towards greener fuels is driven predominantly by renewable power and EVs, according to the report. These sectors, complemented by additional contributions from other areas like battery technology, heat pumps, and nuclear power, have been at the forefront of this transition.
In 2023, low-emission power sources are expected to attract nearly 90% of the total investment in electricity generation. Among these, solar energy shines brightest. Investment in solar energy is projected to exceed $1 billion per day in 2023, totaling $380 billion for the year.
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