Global spending on clean energy technologies and infrastructure is expected to reach $2,000bn in 2024, although higher financing costs are hampering new projects, particularly in emerging and developing economies, according to the International Energy Agency (IEA).

Despite financing pressures, global clean energy investment will almost double that of fossil fuels in 2024 with the help of improved supply chains and lower clean technology costs, the      International Energy Agency said in its latest report.

According to the latest World Energy Investment report of the International Energy Agency, global energy investment is expected to exceed $3 trillion for the first time in 2024, of which about $2 trillion will be spent on clean technologies, including renewable energy, electric vehicles, nuclear power, power grids, energy storage, low-emission fuels, efficiency improvements and heat pumps.

The rest of      's surplus of just over $1, 000bn will be spent on coal, gas and oil. In 2023, total investment in renewable energy and the grid exceeded spending on fossil fuels for the first time.

    , however, the new report warns that there are still serious imbalances and shortages in energy investment flows in many parts of the world. It highlights the low level of clean energy spending in emerging and developing economies (outside China), led by India and Brazil, which will exceed $300 billion for the first time.

    , however, accounts for only about 15 per cent of global clean energy investment, well below the level needed to meet the growing energy needs of many of these countries, where high capital costs are hampering the development of new projects.

Fatih Birol, Executive Director of the      International Energy Agency, said: "even in challenging economic conditions, clean energy investment is setting a new record, highlighting the momentum behind the new global energy economy. Today, for every dollar invested in fossil fuels, nearly two dollars are invested in clean energy. "

     added: "the growth in clean energy spending has benefited from a strong economy, continued cost-cutting and concerns about energy security. But industrial policy has also given a strong boost as major economies compete for advantage in the new clean energy supply chain. More must be done to ensure that investment reaches where it is most needed, especially in developing economies that are seriously short of affordable, sustainable and secure energy. "

When the Paris Agreement of      was signed in 2015, total investment in renewable energy and nuclear power generation was twice that of fossil fuel power generation. The report stresses that this number will rise tenfold in 2024, and solar photovoltaic will lead the transformation of the power industry. More money is now invested in solar photovoltaic than all other power generation technologies combined. In 2024, solar photovoltaic investment will grow to $500 billion as falling module prices stimulate new investment.

In      2024, China will account for the largest share of clean energy investment, estimated at $675 billion. This is mainly due to strong domestic demand in solar energy, lithium batteries and electric vehicles.

     Europe and the United States are not far behind, with clean energy investment of $370 billion and $315 billion, respectively, according to the International Energy Agency. These three major economies alone account for more than 2/3 of global clean energy investment, highlighting the differences in international capital inflows into energy.

Following similar growth in 2023, global upstream oil and gas investment is expected to grow by 7 per cent to $570 billion in 2024.

     's spending growth in 2023 and 2024 mainly came from national oil companies in the Middle East and Asia. The report found that oil and gas investment in 2024 was roughly in line with demand forecasts for 2030 in the current policy environment, but this was much higher than in scenarios where national or global climate targets were met.

According to the      report, clean energy investment by oil and gas companies reached $30 billion in 2023, accounting for only 4 per cent of the industry's overall capital expenditure. At the same time, coal investment continues to grow, with approved coal-fired power generation exceeding 50 gigawatts in 2023, the highest level since 2015.

     in addition to economic challenges, power grids and power storage have been important constraints to the transformation of clean energy. But grid spending is rising, reaching $400 billion by 2024 and staying at about $300 billion a year between 2015 and 2021. Source: international Center for Energy Research