Investment in solar energy will surpass oil in 2023

According to the International Economic Group of Fars News Agency, citing Russia Elium, the International Energy Agency announced that the volume of global investments in solar energy sources will exceed oil investments for the first time in 2023.

The agency announced in the Global Energy Investment Report that global investment in energy is set to reach nearly $2.8 trillion in 2023, with more than $1.7 trillion going to clean energy technologies such as electric vehicles, renewable energy sources, and Storage is allocated. Solar investment is expected to attract more than $1 billion per day by 2023.

International Energy Agency Executive Director Fatih Birol said investment in solar power is set to exceed the amount invested in oil production for the first time.

However, the agency’s report noted that investment costs in fossil fuels today are more than double the level required in a net-zero emissions scenario by 2050.

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