Industrial Policy Toward Electrification Drives Transition
World supply, demand and investment in fossil fuel energy continues to rise, albeit slower last year than in previous years indicating global industrial policy toward clean energy may be working to “transition” away from fossil fuels.
In 2023, of the $2.8 trillion that was invested in the global energy sector, $1 trillion went to fossil fuels—85% for oil and gas production.
However, $1.7 trillion was invested in clean energy—renewables, nuclear energy, grid security and development, energy storage, low-emission fuel, and energy efficiency for end-use and electrification according to the International Energy Agency’s most recent, World Energy Investment.
“Five years ago, this ratio was one to one,” IEA said.
Clean energy edged out fossil fuel investment, with solar energy leading the charge, exceeding spending on upstream oil for the first time in history.
Read the full article at https://www.forbes.com/sites/dipkabhambhani/2024/01/31/industrial-policy-toward-electrification-drives-transition/