International Energy Agency (IEA)

The World Energy Investment report from IEA shows how investment in clean energy technologies is outpacing spending on fossil fuels.  According to the report, about USD 2.8 trillion is set to be invested globally in energy in 2023, of which more than USD 1.7 trillion is expected to go to clean technologies (e.g., renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps).

The remainder, slightly more than USD 1 trillion, is going to coal, gas, and oil. So for every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one. As the report highlights, a remarkable example is the investment in solar which is set to overtake the amount of investment going into oil production for the first time.