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A Green Future: $2 Trillion Investment in Clean Energy on the Horizon for 2024
06/17/2024
The global investment in upstream oil and gas is also set to rise by 7% in 2024 to $570 billion, continuing the growth trend from 2023. National oil companies in the Middle East and Asia primarily drive this increase.
This year, the global shift toward clean energy will see investments reaching a monumental $2 trillion, according to the International Energy Agency (IEA). This amount is double what is being invested in fossil fuels. In its annual World Energy Investment report, the IEA highlights that for the first time, total energy investment will surpass $3 trillion in 2024.
The bulk of the funds, about $2 trillion, is earmarked for clean technologies. This includes a wide array of sectors such as renewable energy sources like solar and wind, electric vehicles, nuclear power, and technologies for energy storage, along with infrastructure improvements for efficiency and heat pumps. The remaining funds will support traditional energy sources like gas, oil, and coal.
2023 marked the first time investment in renewable energy and associated grids surpassed what was spent on fossil fuels.
China is leading the charge in clean energy investments for 2024, projected to spend about $675 billion. Europe and the United States are also making substantial contributions, with projections of $370 billion and $315 billion, respectively.
Among renewable technologies, solar photovoltaic (PV) systems are attracting the most funds, with investments expected to reach $500 billion in 2024, spurred by the decreasing costs of solar modules.
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New York's Race Against Time: Can Solar and Wind Power Save the Big Apple from an Energy Crisis?
Power Plants: 124955 MW Solar: 63726 MW Wind: 2204 MW Biodisel Plants: 1.5 Mmgal/yr capacity Source: Rextag Energy DataLink
Significant Rise in U.S. Crude Oil and Gasoline Inventory Levels
This week, the American Petroleum Institute (API) reported that U.S. crude oil stocks increased by 7.168 million barrels, ending February 16. This rise exceeded analysts' expectations of a 4.298 million barrel increase. Last week, the API noted an 8.52 million barrel jump in crude inventories.
Agrivoltaics: Merging Solar Power and Farming Across the USA – Promise, Problems, and the Path Ahead
Agrivoltaics, a combination of agriculture and solar power generation on the same land, is quickly gaining traction across the United States as a solution to balancing the demand for renewable energy and the need to preserve farmland. As the country pushes toward its goal of achieving net-zero emissions, solar power is expected to play a significant role in this transition. However, concerns about the loss of agricultural land have led to the rise of agrivoltaics, where farming and solar energy production coexist.
The 2024 Atlantic hurricane season has hit Florida hard, with Hurricanes Helene and Milton exposing the vulnerabilities in the state's energy infrastructure. As Florida grapples with the aftermath of these back-to-back storms, the damage to oil, gas, and energy supplies has created severe disruptions, leaving residents and industries struggling to recover.
California has long been at the forefront of renewable energy in the United States, from its vast solar farms to its growing battery storage capacities. But beneath the headlines of a "clean energy revolution" lies a complex reality—one shaped by ambitious targets, grid challenges, and the everyday experiences of Californians grappling with rising energy costs and increasing grid instability. As California pushes towards its 100% clean energy goal, the road is full of both promise and pitfalls.