IEA: Global Energy Investment Report 2024

The IEA has released the "Global Energy Investment Report 2024". Now, the world's investment in clean energy is almost twice that of fossil fuels. But there is a serious imbalance in investment, with emerging markets and developing economies (EMDEs) outside of China accounting for only about 15% of global clean energy spending.

Investment in solar photovoltaics currently exceeds that of all other electricity generation technologies combined.

The integration of renewable energy and upgrades to existing infrastructure have triggered a resurgence in spending on grids and energy storage.

Clean energy investments continue to increase, pushing total energy investment to over $3 trillion for the first time.

Total upstream oil and gas investment will return to 2017 levels in 2024, but Middle Eastern and Asian companies will now account for a much larger share of total investment.

Newly approved LNG projects, led by the United States and Qatar, have brought a new wave of investment that could increase global LNG export capacity by 50%.

Investment in fuel supply is still dominated by fossil fuels.

Energy investment decisions are primarily driven and financed by the private sector, but governments play an important direct and indirect role in shaping capital flows.

Households are becoming important players in consumer-facing clean energy investments, highlighting the importance of affordability and access to finance.

Market sentiment around sustainable investing has retreated from its 2021 highs, with sustainable debt issuance levels falling and flows into sustainable funds declining.

The energy transition is reshaping how energy investment decisions are made, and by whom.

A safe and affordable transition away from fossil fuels requires a major rebalancing of investments.

To achieve the goals of COP28, global clean energy investment needs to double by 2030, and energy investment in emerging markets outside China needs to quadruple.

Mobilizing additional, affordable financing is key to achieving a more secure and sustainable future.

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