Clean Energy Spending Will Surpass $2 Trillion This Year

Technicians from CP Solar work on the maintenance of solar panels at a partially solar-powered factory in the industrial area of Nairobi, on October 9, 2023. Renewable energy sources generate over 80 percent of Kenya's electricity.

The report also notes an uptick in clean energy spending in emerging markets, a critical development for reaching the world's climate targets. And it provides evidence that the wave in green energy spending sought by President Joe Biden, with passage of the Inflation Reduction Act in 2022, is starting to take root. U.S. spending on clean energy is projected to increase by $300 billion this year.

"Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy," IEA Executive Director Fatih Birol said in a statement."For every dollar going to fossil fuels today, almost two dollars are invested in clean energy.”

IEA reckons that the current level of spending is enough to achieve two-thirds of the investment needed to triple renewable capacity by the end of the decade, as agreed to by negotiators at global climate talks in Dubai, United Arab Emirates, last year.

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