Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15% rise for fossil fuels, the Paris-based energy watchdog said in its World Energy Investment report.
"Clean energy is moving fast – faster than many people realise," said IEA Executive Director Fatih Birol.
"For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy.
In 2023, solar power spending is due to hit more than $1 billion a day or $382 billion for the year, while investment in oil production will stand at $371 billion.
"The irony remains that some of the sunniest places in the world have the lowest levels of solar investment.".
Investment in new fossil fuel supply will rise by 6% in 2023 to $950 billion, the IEA added.
Producer group OPEC has said calls by the IEA to stop investing in oil undermine global energy security and growth. »
