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Clean energy spending on pace to surpass $2 trillion

By Benjamin Storrow | 06/10/2024 06:31 AM EDT

The International Energy Agency predicts that investments in carbon-free energy will be twice as large as fossil fuel spending in 2024.

Workers install solar panels at a factory in Nairobi, Kenya, last year.

Workers install solar panels at a factory in Nairobi, Kenya, last year. Luis Tato/AFP via Getty Images

Clean energy is on fire.

Global spending on renewables, nuclear, energy efficiency and low-emissions fuels like hydrogen is set to eclipse $2 trillion in 2024, double the $1 trillion spent on fossil fuels, according to the International Energy Agency’s annual review of global energy spending.

The transformation is particularly strong in the power sector, where worldwide investment in solar ($500 billion) is set to exceed spending on all other forms of power generation combined.

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The IEA’s annual report is closely tracked by industry analysts as a leading indicator for trends in the energy industry. This year’s report predicts that spending on clean energy will grow by almost 6 percent, up from nearly $1.9 trillion in 2023.

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