Solar set to overtake oil in investments for the first time ever.

Spending on clean energy technology has soared, in part due to the global energy crisis. A new report from the agency says spending on clean energy technology is now significantly outpacing spending on fossil fuels. This is due to affordability and security concerns triggered by the global energy crisis.

“Clean energy is moving fast – faster than many people realize. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” IEA executive director Fatih Birol said in a statement.

Led by investment in solar, low-emissions technologies are expected to account for 90 per cent of all investment in power generation. Consumers are also investing more, with global sales of heat pumps soaring and electric vehicles sales expected to leap by a third in 2023 after surging last year.

Policies that support the growth of clean energy have helped too, like the US Inflation Reduction Act as well as initiatives in Europe, Japan and China. Investment in fossil fuels is still rising and needs to fall rapidly to achieve net-zero emissions by 2050, the IEA adds.

Source: IEA (reported by EuroNews)