- Solar power investment will exceed oil production spending this year for the first time.
- Clean energy spending is forecast to reach $1.7tn this year, compared to $1tn on fossil fuels.
- IEA chief, Fatih Birol, is hopeful the 1.5C goal can be achieved if this trend persists.
- Increased spending on clean energy is being driven by economic growth, price volatility and energy security concerns.
- Annual clean energy investment is expected to jump by 24% compared to 2021.
Solar power investment to exceed oil for first time, says IEA chief
IEA predicts that solar power investment will exceed oil for the first time this year as spending on clean technology is forecast to hit $1.7tn compared to $1tn on fossil fuels.