Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the IEA said
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The IEA said renewable energy is expanding faster than many people realize, but it warned that investment in fossil fuels is not slowing fast enough to reach goals to slash emissions by 2050.
Investors will pour more money into solar power than in oil production this year for the first time, signaling the scale and speed of the transition to low-carbon sources of energy.
Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency (IEA) said Thursday, with solar projects expected to outpace outlays on oil production for the first time.
Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the IEA said
Clean energy will account for 60% of all global energy investment in 2023, the IEA predicts, with spending on solar energy surpassing oil for the first time.