IEA: World Energy Investment 2024

Here are some other important takeaways:

  • For the first time ever, combined investment in renewables and grids overtook the amount spent on fossil fuels in 2023. In particular, solar PV is attracting huge levels of spending (see chart below for more).
  • China, which is seeing strong domestic demand for solar, lithium batteries and electric vehicles, is set to account for the largest share of clean energy investment this year, reaching an estimated $675 billion. Europe and the United States follow, with clean energy investment of $370 billion and $315 billion, respectively. These three major economies alone make up more than two-thirds of global clean energy investment.
  • In emerging and developing economies outside China, clean energy investment in 2024 is set to surpass $300 billion for the first time, led by Brazil and India. Still, the report finds that this level of spending – which accounts for only about 15% of the global total – is far below what is required to meet growing energy demand in many of these countries, where the high cost of capital is holding back the development of new projects.
  • Global upstream oil and gas investment is expected to increase by 7% in 2024 to reach $570 billion, following a similar rise in 2023. This is broadly aligned with the demand levels implied in 2030 by today’s policy settings, according to the report – but it is far higher than projected in scenarios that hit national or global climate goals. Notably, clean energy investments by oil and gas companies accounted for only 4% of the industry’s overall capital spending in 2023.

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