The World Energy Investment 2024 report highlights a record global energy investment exceeding $3 trillion, with two-thirds directed towards clean-energy technologies. While this trend indicates a notable shift from fossil fuels, challenges persist, particularly in meeting energy demands with renewables. The IEA cautions that fossil-fuel investments may plateau but are not vanishing, and the uneven distribution of clean-energy investment, particularly dominated by China, points to significant disparities that need addressing for a successful transition to clean energy globally.
"There is a ramping up of clean-energy investment against a backdrop of plateauing fossil-fuel spending," says IEA investment and finance analyst, Tanguy De Bienassis. But, he adds, it's probably premature to say that the halcyon days of oil and gas are finished, because that plateauing could simply mean that fossil fuels don't need as much investment as they once did to remain competitive.
The fact that renewables don't meet demand in key areas emphasizes the work that needs to be done to reduce reliance on fossil fuels. According to the IEA report, global demand for heat energy… is outstripping the rate at which renewables can be deployed to meet the need.
At the same time, the way that clean-energy investment is shared between countries is highly uneven. China, for instance, is responsible for roughly one-third of global spending on renewables…
A deeper look at the data reveals challenges that must be addressed for clean energy to be scaled up globally.
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