Today is Monday, 10 June 2024.
The International Energy Agency (IEA) released a new report last week. With some positive developments. Some.
“The report provides a global benchmark for tracking capital flows in the energy sector and examines how investors are assessing risks and opportunities across all areas of fuel and electricity supply, critical minerals, efficiency, research and development and energy finance … The report also includes a new regional section covering 10 major economies and regions. It also assesses additional efforts needed to meet the COP28 goals to transition away from fossil fuels, triple renewable capacity and double the rate of improvements in energy efficiency by 2030.”
Global investment in clean energy will almost double the amount going to fossil fuels in 2024, hitting $2 trillion, notably in emerging and developing economies.
On the other hand, this means that over $1 trillion is still being routed into fossil fuels, mainly by developed countries, with oil and gas investment rising 7% from last year.
Back to renewables, China is set to account for the largest share of clean energy investment in 2024, reaching an estimated $675 billion. Recall
Progress in India, Brazil, parts of Southeast Asia and Africa reflects new policy initiatives, well-managed public tenders, and improved grid infrastructure. Africa’s clean energy investments in 2024, at over USD 40 billion, are nearly double those in 2020.
See for example this huge project in India and the impressing status of clean energy in Brazil.
A few other highlights:
Investment in solar photovoltaic now surpasses all other generation technologies combined, i.e. coal, oil, natural gas, wind, hydro and nuclear.
Grids have become a bottleneck for energy transitions, but investment is rising. Investments in battery storage are also ramping up.
Investment in hydrogen electrolysers is expected to jump by more than 140% in 2024.
Click here for the press release of this newest IEA report and below for the full 219 pages report itself, including specific chapters on critical minerals, bioenergy and CCUS, among others.
