IEA Says Green Energy Investment to Top $2T This Year

The International Energy Agency (IEA) has revealed that solar energy is attracting more funding than every other source of electricity combined. With photovoltaic solar infrastructure growing incredibly cheap over the last several decades, major territories such as the United States, China and Europe have embarked on a record run of solar installations. The result is historic levels of investment in the renewable source of energy, reports the IEA.

In 2024 alone, global investments in renewables will hit a whopping $2 trillion, two times the funds set to be invested in fossil fuels. IEA executive director Faith Birol noted that almost $2 go to clean energy for $1 that is invested in fossil fuels, including coal and natural gas. This is a clear win for renewables because drawing investment away from fossil fuels will be critical to cutting fossil-fuel production.

Aside from solar and other renewables, clean technologies such as battery electric vehicles (BEVs), heat pumps, grid storage and nuclear power have also attracted significant investments. Last year was the first time investment in grids and renewable electricity surpassed fossil-fuel expenditure. Furthermore, the IEA’s World Energy Investment report states that total investment in energy is set to eclipse $3 trillion for the first time this year with renewables taking the bulk of the investment.

Clean-energy investments began to accelerate in 2020, and in only three and one-half years, they have surpassed total investment in oil, coal and natural gas. Low-interest rates coupled with falling solar costs drove the trend and allowed nations such as China to build the most expansive network of solar farms on the globe in just a few short years.

Solar costs have dropped by 30% in the past two years alone, making it even cheaper to purchase and deploy solar to power the grid. Costs associated with transition metals and minerals, raw materials that are key to the development of renewable infrastructure, have also fallen in recent years, particularly the minerals used to manufacture batteries.

The power sector’s investment in solar-photovoltaic technology alone is predicted to surpass $500 billion this year, more than every other source of energy combined. Investment in nuclear energy, on the other hand, accounted for 9% of the clean-energy spend and is predicted to increase this year following two years of falling investment to reach $80 million, almost two times more than the decade low of 2018.

With enterprises such as FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) accelerating their development and manufacturing of clean-energy technologies, it is easy to see how the $3 trillion predicted by the IEA might quickly add up.

NOTE TO INVESTORS: The latest news and updates relating to FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) are available in the company’s newsroom at https://ibn.fm/NHHHF

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