International investment in photovoltaics reaches $1 billion a day – Newsbomb – News

About 2.8 trillion International energy investments are expected to take shape this year, of which at least 1.7 trillion. it will be geared towards clean technologies such as electric cars, renewables and energy storage. This is confirmed by a relevant report of the International Energy Agency (IEA), which even estimates that investments specifically in photovoltaics set to exceed 1 billion per day this year.

As a result, investments in photovoltaics are expected to surpass those channeled into oil production for the first time, according to IEA head Fatih Birol. However, total investment in coal, natural gas and oil is set to remain high at just over €1 trillion. dollars.

“Investment in fossil fuels today is more than double the level needed to achieve carbon neutrality by 2050. The gap in the coal sector in particular is extremely large: today’s investment is almost six times higher than the requirements for carbon neutrality by 2050 2030”, is characteristically mentioned in the IEA report.

Despite the increase in investment in clean energy forms, the amount of investment still channeled into fossil fuels is a cause for concern.

Since the 19th century, “human activities have been the main driver of climate change, particularly due to the burning of fossil fuels, such as coal, oil and natural gas,” according to the United Nations. Hence the findings of the IEA are in conflict with the goal of reducing air pollutant emissions and the Paris Agreement. It is noted that the achievement of carbon neutrality by 2050 is considered critical for the reversal of climate change.

Last June, UN Secretary-General Antonio Guterres rejected and criticized new findings about the possibility of fossil fuel extraction. He said it was delusional and called for the entire industry to quit.

Despite intense concerns, the oil and gas industry continues to grow internationally. For example, in October 2022 the head of BP, Bernard Looney, stated that the company’s strategy is focused on investments in hydrocarbons, but also on the planned energy transition.

While there will still be concerns about money flowing into fossil fuels, Birol tried to highlight the factor that will drive the energy transition. “Clean energy is moving fast – faster than many people realize. This is clear from investment patterns, where clean technologies are moving away from fossil fuels,” he stressed. “For every dollar invested in fossil fuels, about $1.7 is now directed toward clean energy,” Birol said, explaining that this ratio was as high as one to one just five years ago.