Solar investment to surpass oil production for the first time, says IEA.

Investment in clean energy is set to surpass spending on fossil fuels in 2023, with solar projects expected to outpace outlays on oil production for the first time, according to the International Energy Agency. Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15% rise for fossil fuels. However, fossil fuel investment is still double the levels needed to reach net-zero emissions by mid-century. Around $2.8tn is set to be invested in energy worldwide in 2023, of which more than $1.7tn is expected to go to renewables, nuclear power, electric vehicles, and efficiency improvements.