IEA: Investment in energy will reach $2.8 trillion in 2023

Global investments in the energy sector will grow by 7.7% to $2.8 trillion this year, while investments in solar energy will exceed investments in oil production for the first time.

According to Report, this follows from the new annual report of the International Energy Agency (IEA) World Energy Investment 2023.

About $2.8 trillion will be invested in energy worldwide in 2023, of which more than $1.7 trillion is expected to go to clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, efficiency improvements and heat pumps, report says, adding that the remainder, just over $1 trillion, goes to coal, gas and oil.

According to the attached materials, in 2022, the IEA estimated investments in energy at $2.6 trillion ($1.6 trillion in clean energy and $1 trillion in fossil fuels). So, investments are expected to grow by 7.7% in 2023.