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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