The latest report by the International Energy Agency, ‘World Energy Investment 2023,’ shows that investment in clean energy has increased in recent years, with the transition mainly fuelled by Electric Vehicles (EVs) and renewable power. However, investments are concentrated in advanced economies and China. More worryingly, the decline in the prices of clean energy technologies has reversed slightly in the past two years.

The report shows that economic recovery from the COVID-19 pandemic coupled with global efforts in tackling energy scarcity have significantly propelled investments in the renewable energy sector. The report, which compares the International Energy Agency’s 2023 forecasts with the actual data from 2021, highlights a notable finding: annual investments in green energy have outpaced those in fossil fuels during this period, recording a growth of 24% against 15%.