Clean energy investment to hit record high

Investment in clean energy is set to surge to a record high this year amid a global focus on emissions reduction and improving energy security.

The International Energy Agency’s latest report said clean energy technologies are expected to attract twice as much capital as fossil fuels during 2025, with spending topping £1.6 trillion.

Electricity investments are set to be some 50% higher than the total amount being spent bringing oil, natural gas and coal to market.

Globally, spending on low-emissions power generation has already almost doubled over the past five years, led by solar PV. Battery storage investments are also climbing rapidly.

“Amid the geopolitical and economic uncertainties that are clouding the outlook for the energy world, we see energy security coming through as a key driver of the growth in global investment this as countries and companies seek to insulate themselves from a wide range of risks,” said IEA Executive Director Fatih Birol.

“The fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals, but in most areas we have yet to see significant implications for existing projects.”