The rapid acceleration of clean-energy investment is good news for the world's pledge to meet its climate targets. If the pace of the last two years continues,"then aggregate spending in 2030 on low-emission power, grids and storage, and end-use electrification would exceed the levels required to meet the world's announced climate pledges," the IEA wrote."For some technologies, notably solar, it would match the investment required to get on track for a 1.
"The risks of locking in fossil fuel use are clear: Fossil fuel investment in 2023 is now more than double the levels required to meet much lower demand in the [net zero emissions] scenario," the report found.The still-high prices of fossil fuels, and oil and gas companies' record profits in the past year, have created a quandary for investors, who are eager to make more profits off commodity prices.
If the clean-energy boom is to continue, the agency said, another key point needs to be addressed: Equality. So far, clean-power investment has been restricted to just a few countries — primarily China, the European Union and the U.S.