Global Energy Investment in 2023: Shift Towards Clean Energy

The latest report by International Energy Agency (IEA), World Energy Investment report says that about USD 2.8 trillion will be spent on energy around the world in 2023, with more than USD 1.7 trillion going to clean technologies like renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, efficiency improvements, and heat pumps. The rest, which is just over a trillion dollars, goes to coal, gas, and oil.

Almost 90% of the money spent on making energy is expected to go towards low-emissions technologies, mostly solar. The report says that between 2021 and 2023, investments in clean energy are increased by 24%, thanks to investments in renewables and electric cars.

The report clearly shows that investments are moving away from fossil fuels and towards clean technologies.

At Navitas Solar, India’s leading module manufacturing company, we believe that the report corroborates the industry’s belief that the world is certainly moving in the right direction. One great example is the fact that investments in solar energy are about to surpass those in oil production for the first time.