According to the International Energy Agency (IEA), fossil fuel investment spending is now more than double the levels needed in the Net Zero Emissions by 2050 Scenarios. Solar investments are expected to attract over $1 billion a day in 2023 and will soon overtake the amount of investment going into oil production.
There are several reasons for the growing gap between the investment in fossil energy and investment in clean energy, including:
- The cost of clean energy, such as solar and wind, was getting cheaper
- Governments now see clean energy sources as a lasting solution to their energy security problem
- Governments and investors are investing heavily in clean energy technology manufacturing
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