Solar Investments Surpass Oil for the First Time, Predicts IEA

Investments in solar power are set to surpass spending on oil production for the first time, according to the International Energy Agency. Clean-energy projects, including renewable energy, electric vehicles, low-carbon hydrogen, and battery storage, are rising at a "striking" rate and outpacing spending on traditional fossil fuels. A total of $2.8tn will be invested in global energy supplies this year, of which $1.7tn, or more than 60%, will go toward clean-energy projects. The Covid-19 pandemic appears to have marked a turning point for global energy spending, with the powerful economic rebound that followed the end of lockdown measures across most of the globe helping prompt the divergence between spending on clean energy and fossil fuels.