In the energy investment projected for 2024, renewable energy sources will be given maximum priority over non-renewable energy sources. The International Energy Agency revealed that a total of $3tn will be invested, and $2tn will go into renewable energy sources, which include efficiency improvements, electric vehicles, grids, low-emission fuels, etc.
It was disclosed that clean energy investment will take the lion’s share of global investment in clean energy in 2024. This aim is to improve supply networks and decrease costs for sustainable technology.
However, the agency stated that despite record-breaking investments in clean energy, there are still major shortcomings in these investments worldwide.
Moreover, China is set to be the most beneficial country during this year’s clean energy investment, with an estimated allocation of $675b.The US and Europe followed suit, investing $315bn and $370bn, respectively.
Brazil and India lead the way for clean energy investment in developing economies.
Concerning reports from the IEA, there’s an expected increase of about 7 percent in the investment for global upstream oil and gas.
Strong economic conditions, ongoing cost-cutting measures, and concerns about energy security all support the growth in renewable energy spending.
However, industrial policy also plays a significant role, as big economies vie for dominance in emerging supply chains for sustainable energy.
Moreover, much needs to be done to ensure that investment gets to the areas with the most need, especially the developing countries where access to secure, affordable, and sustainable energy is sorely lacking right now.” Nigeria selected gas as its transition fuel because it is less expensive and more environmentally friendly than gasoline and diesel.
