Chuyển tới nội dung
Trang chủ » According to IEA, investment in fossil fuels is expected to surpass $1 trillion in 2023.

According to IEA, investment in fossil fuels is expected to surpass $1 trillion in 2023.

Investment in fossil fuels set to exceed $1 trillion in 2023, IEA says

Investment in fossil fuels set to exceed $1 trillion in 2023, IEA says

The International Energy Agency (IEA) has released a report predicting that global investment in energy is set to reach $2.8 trillion by 2023. While over $1.7 trillion of that is expected to go towards clean energy technologies such as electric vehicles, renewables, and storage, the report also shows that fossil fuels are still slated to attract “slightly over” $1 trillion of investment this year. The IEA’s World Energy Investment report for 2023 warns that today’s fossil fuel investment spending is more than double the levels needed in the Net Zero Emissions by 2050 scenario. The misalignment is particularly striking for coal – today’s investments are nearly six times the 2030 requirements of the NZE scenario.

The report highlights the considerable impact of fossil fuels on the environment, with human activities through burning coal, oil and gas being the main driver of climate change since the 19th century. The 2015 Paris Agreement, which aims to limit global warming to well below 2°C compared to pre-industrial levels, looms large over the report. Meeting the accord’s targets will require cutting human-made carbon dioxide emissions to net-zero by 2050.

Despite concerns by high-profile individuals, including U.N. Secretary General Antonio Guterres, about fossil fuels and the climate crisis, the oil and gas industry continues to develop projects globally. In October 2022, BP Chief Bernard Looney said his company’s strategy was centered around investing in hydrocarbons while simultaneously putting money into the planned energy transition.

IEA’s executive director, Fatih Birol, notes that for every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. The ratio had been one-to-one just five years ago. Birol highlights the fast-moving pace of clean energy industries and explains that clean technologies are pulling away from fossil fuels.

FAQs:

Q: What is the International Energy Agency’s prediction for global investment in energy by 2023?
A: The IEA predicts that global investment in energy will reach $2.8 trillion by 2023.

Q: How much of the investment is expected to be spent on clean energy technologies?
A: Over $1.7 trillion of the investment is expected to be spent on clean energy technologies, such as electric vehicles, renewables, and storage.

Q: What is the IEA’s warning regarding fossil fuel investment?
A: The IEA’s World Energy Investment report warns that today’s fossil fuel investment spending is more than double the levels needed in the Net Zero Emissions by 2050 scenario.

Q: What is the Paris Agreement and why is it important?
A: The Paris Agreement aims to limit global warming to well below 2°C compared to pre-industrial levels. Meeting the accord’s targets will require cutting human-made carbon dioxide emissions to net-zero by 2050.

Q: What is the ratio between investment in fossil fuels and investment in clean energy?
A: For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy.

Investment in fossil fuels set to exceed  trillion in 2023, IEA says
Investment in fossil fuels set to exceed $1 trillion in 2023, IEA says

According to the IEA, the investment in fossil fuels is expected to surpass $1 trillion in 2023.

Global investment in energy is set to reach $2.8 trillion by 2023, with over $1.7 trillion of that amount going towards clean energy technologies such as electric vehicles, renewables, and storage, according to a new report from the International Energy Agency (IEA). However, the IEA’s report also notes that coal, gas, and oil are still on course to attract “slightly over” $1 trillion in investment this year; a figure that won’t be welcomed by advocates of a transition to a sustainable future. According to the IEA’s World Energy Investment report for 2023, “Today’s fossil fuel investment spending is now more than double the levels needed in the Net Zero Emissions by 2050 Scenario.” The report added that, “the misalignment for coal is particularly striking: today’s investments are nearly six times the 2030 requirements of the NZE Scenario.” The report’s shadow is cast by the 2015 Paris Agreement, which aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.” The UN also acknowledges that fossil fuels such as coal, oil, and gas have been the main drivers of climate change since the 19th century.

Trả lời

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *