The International Energy Agency predicts that by 2023, global investment in clean energy will exceed $1’700’000’000’000, while fossil fuel investment will be approximately $1’000’000’000’000.
According to a recent research report released by the International Energy Agency, global investment in clean energy, including renewable energy, electric vehicles, and nuclear power, will exceed $1’700’000’000’000 by 2023, while investment in oil, natural gas, and coal will be slightly higher than $1’000’000’000’000.
The report states that investment in the global photovoltaic industry continues to accelerate, and it is expected that over $1’000’000’000 of investment will enter the photovoltaic field every day in 2023, with a total investment of $380’000’000’000 for the entire year, surpassing the oil sector for the first time.
The International Energy Agency stated that the acceleration of clean energy transformation may lead to a global decarbonization gap, and pointed out that over 90% of the growth in clean energy investment comes from developed countries and China.
Fatih Birol, Director General of the International Energy Agency, stated at a press conference that just five years ago, the investment ratio between fossil fuels and clean energy was 1:1. The rapid development of clean energy is faster than many people realize, which is evident in the investment trend that investment in clean technology is gradually surpassing fossil fuels.
Although the investment in renewable energy now exceeds that in fossil fuels, more obstacles to deployment include the rising cost of key minerals, semiconductors and other related components during the spread of the COVID-19 epidemic, the continuous high investment cost of wind turbines, the aging of power grids and the slow licensing process.
In many developing countries, weak grid infrastructure is a limiting factor for renewable energy investment, and investment is currently highly concentrated. Developed countries and China account for 80% of global spending and have contributed almost all of the growth in recent years, the International Energy Agency stated in its report.
The International Energy Agency stated that since 2019, China has been at the top of the global clean energy investor rankings, followed by the European Union and the United States. However, the report claims that the financial support received by the US renewable energy industry from the Inflation Reduction Act is preparing for the rapid development of the industry.
The report states that global economic factors are hindering clean energy investment in emerging and developing economies. These investments are being hindered by rising interest rates, unclear policy frameworks and market designs, tight public utilities, and high investment costs.
The International Energy Agency stated in its press release that “the international community needs to do more, especially in promoting investment in low-income countries, as their private sector has been unwilling to take on such risks.”
Since its establishment in 2009, MULTIFIT Solar has laid out the photovoltaic industry with a forward-looking perspective, empowered research and development achievements with advanced concepts, and focused on providing efficient photovoltaic power station construction, cleaning and maintenance solutions, as well as innovative research and development of new energy electrical products. It has cultivated a group of sales and research and development teams with ideals, experience, and technology. The product has obtained over 50 patent certificates and has been exported in bulk to over 50 countries and regions around the world, including Europe, America, Asia, Africa, and Latin America.
In the future, we will always adhere to the development mission of ”efficient and energy-saving,sunshine for you multifit to all”, based on the photovoltaic industry, and strive to become a leader in the photovoltaic power generation industry.
Post time: Jun-07-2023