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.
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: