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  • Five years ago, for every one US dollar invested in fossil fuels, the same amount was invested in clean energy. Since then, the picture has changed.

    This year, for every dollar invested in fossil fuels, USD 1.70 is going to clean energy.

    Global energy investment in clean energy and in fossil fuels, 2015-2023

  • The shining example of the growth in clean energy investment is solar, which in 2023 is set to attract more capital than global oil production for the first time.

    This reflects a pivotal moment in the energy world.

    Oil production investment and solar investment, 2013 vs 2023

  • The world needs to build on this strong momentum in clean energy investment.

    Financing is starting to flow, yet more needs to be done to align with the IEA's Net Zero Emissions by 2050 Scenario.

    Historical investment in energy benchmarked against needs in IEA scenarios in 2030

  • Renewables, led by solar, and electric cars are at the forefront of the expected increase in global clean energy investment this year.

    But faster growth is needed in other crucial areas such as efficiency, grids and batteries.

    Annual clean energy investment, 2015-2023

  • Another major concern is the unevenness of growth in clean energy investment.

    More than 90% of the increase in recent years is in advanced economies and China.

    Mobilising greater financing for emerging and developing economies is critical to avoid new dividing lines in global energy.

    Increase in annual clean energy investment in selected countries and regions, 2019-2023

  • The oil and gas industry benefited from an unprecedented cash windfall in 2022 but most of this has gone to dividends, share buybacks and paying back debt rather than into energy investments.

    Distribution of cash spending by the oil and gas industry, 2008-2022

  • Investment in clean energy technologies by the oil and gas industry is less than 5% of what it spends on exploration and production.

    The industry can do far more to scale up clean energy options like renewables, low-emissions fuels, hydrogen and carbon capture.

    Fuel supply investment, 2019-2023

  • Governments, industry and investors all need to drive progress on scaling up investment, particularly in emerging and developing economies.

    This is the key task for a secure and sustainable energy transition.