Investment in low-carbon electricity – which includes renewables and nuclear power – is likely to reach more than $900bn this year, according to the report, 10 times higher than investment in gas and coal power generation. The proportion of global investment has swung further towards clean electricity sources since 2015, the year global governments signed the Paris climate accord, when it was twice the amount invested in fossil fuel-fired power.
China is expected to lead the world in clean energy investment this year, reaching an estimated $675bn, through its investments in solar, lithium batteries and electric vehicles. Europe and the US are expected to invest $370bn and $315bn in clean energy respectively. Birol warned that more must be done to ensure that clean energy investment reaches “the places where it is needed most, in particular the developing economies where access to affordable, sustainable and secure energy is severely lacking today”.
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