Clean Energy Investment Accelerating

Canary Media: “Chart: Clean energy set to attract double investment spent on fossil fuels.” Since 2015 the ratio of spending on renewable energy vs. fossil fuels has inverted. Part of the explanation is that ‘clean energy costs have plummeted over the last decade — a decline that has also resulted in every dollar spent on wind and solar now going more than twice as far in terms of energy output as a dollar went a decade ago.’ A second part of the explanation is that ‘investment has also gotten a boost from the growing number of countries that have adopted emissions reductions goals in recent years.’ Unsurprising: “Most clean energy investment is currently flowing to solar projects; the energy source is projected to attract more investment than all other power generation sources combined in 2024, including fossil fuels.” This combined with energy pressure puts intense competitive pressure on the nuclear sector as well the methane + propane gas sector. “Battery storage is expected to exceed $50 billion in investments this year, more than double what was spent in 2022.” But this optimistic projection neglects to speak to growing inequity: “Most investment is happening in China, the United States, and the European Union; developing economies outside of China make up only 15% of this spending.” Total investment in clean energy needs to not only double by 2030 to meet COP28 goals — it needs to quadruple in developing economies outside of China. Stated bluntly: “In other words, it’s not enough for the big spenders to keep breaking records by investing in their own countries alone.” We all sink or swim together. I could argue the rising tide must raise all boats, all the lifeboats together.