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Which countries will invest $2 trillion in clean global energy in 2024

Natasha Kumar By Natasha Kumar Jun6,2024

Which countries will invest $2 trillion in clean global energy in 2024

Investments in world energy are set to exceed $3 trillion in 2024 for the first time. Of these, $2 trillion should be invested in clean energy. China, the USA and European countries are planning the most investments. This is reported by Reuters with reference to the report of the International Energy Agency (IEA).

What will be the investments in global energy in 2024

According to the IEA, global investment in clean energy technologies and infrastructure will reach $2 trillion, twice the amount spent on fossil fuels. In general, it is planned to invest more than $3 trillion in energy for the first time.

$2 trillion in clean energy is planned to be directed, in particular, to:

  • renewable energy sources;
  • electric vehicles;
  • nuclear power;
  • low emission fuel;
  • heat pumps.

Remaining investment in $1 trillion should go to gas, oil and coal.

"For every dollar that is currently spent on fossil fuels, almost two dollars are invested in clean energy. The rise in clean energy costs is underpinned by a strong economy, continued cost reductions and energy security considerations,&rdash; said the executive director of the IEA Fatih Birol.

The largest investments in global clean energy will be made by:

  • China – $675 billion (the largest share of investments);
  • European countries – $370 billion;
  • USA – $315.

Solar photovoltaic systems, which convert sunlight directly into electricity, plan to direct the most funds – $500 million – due to falling prices for solar modules.

According to the forecast, in 2024, global investments in oil and gas production should also increase. by 7% to $570 billion. Most of the investments will be made by companies in the Middle East and Asia.

"However, as before, there is still a deficit of energy investments in some parts of the world, particularly in developing countries", – noted Birol.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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