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Investment in solar energy is expected to exceed US$500 billion in 2024

International Agency estimates that solar energy should attract more contributions than all other sources this year

Investment in solar energy is expected to exceed US$500 billion in 2024

Investments in clean energy are setting new records, says IEA. Photo: Freepik

Os global investments em solar energy should overtake the brand of $ 500 billion in 2024 – the same as R$2,6 trillion – according to report published, this Thursday (06), from IEA (International Energy Agency, its acronym in English).

As happened in 2023, the entity hope that solar energy attract more contributions than all other energy sources this year, surpassing investments in fossil fuels, such as coal, oil and gas, and than in clean energy, such as wind, nuclear and hydro.

According to the Agency, the world is expected to spend around R$3 trillion with all energy sources in 2024, with US$2 trillion in equipment clean energy and US$ 1 trillion in investments for the production of fossil fuels.

“Clean energy investments are setting new records, even in difficult economic conditions, which highlights the dynamics of the new global energy economy. For every dollar invested in fossil fuels today, almost two dollars are invested in clean energy,” said Fatih Birol, executive director of the IEA.

Concerns

The new IEA report warns, however, that there are still major imbalances and gaps in energy investment flows in many parts of the world. 

The study highlights, for example, the low level of spending on clean energy in emerging and developing economies (outside China), which represents just 15% of global investment in clean energy.

According to the Agency, this is a volume well below what is needed to satisfy the growing demand for energy in many countries, where “the high cost of capital is delaying the development of new projects”, highlights the IEA.

According to the entity, it is necessary “to do more to ensure that investment reaches the places where it is most needed, in particular in developing economies, where access to affordable, sustainable and safe energy is currently seriously deficient”. 

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Henrique Hein
About the Author
Henrique Hein

He worked at Correio Popular and Rádio Trianon. He has experience in podcast production, radio programs, interviews and reporting. Has been following the solar sector since 2020.

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