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Global investment in clean energy forecast to be worth $1.7 trillion in 2023, far outpacing fossil fuels

An estimated US$2.8 trillion is set to be invested globally in energy in 2023, with an record 60% to be spent on clean technologies (such as renewables, electric vehicles, nuclear power, grids, etc) and $1 trillion on coal, gas and oil — according to the IEA’s latest report, World Energy Investment 2023.

Global energy investment in clean energy and in fossil fuels 2017 2023 - The Oregon Group - Investment Insights

This is a 24% increase between 2021 and 2023, compared with a 15% rise in fossil fuel investment over the same period. 90% of this increase comes from advanced economies and China.

“Clean energy is moving fast – faster than many people realize. 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. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.”

— Fatih Birol, IEA Executive Director

For further analysis on China’s role in this dramatic rise in clean energy, our analysis:

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The Oregon Group

The Oregon Group is an investment research team focused on critical minerals, mining, energy and geopolitics.

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