Global energy spending to surpass $3 trillion in 2024, with clean energy investments leading the way.

The International Energy Agency (IEA) has predicted that total energy spending, including fuels and infrastructure, will exceed $3 trillion for the first time in 2024, with $2 trillion allocated towards clean energy technologies. Investment in renewable electricity generation is expected to reach $770 billion, a figure considered “moderate” due to the recent drop in solar panel prices. More money is likely to be invested in solar than all other forms of generation combined, reaching $500 billion in 2024. Each dollar invested in wind and solar PV yielded 2.5 times more energy output than a dollar spent on the same technologies a decade ago, according to the IEA. Fossil fuel generation investments are expected to exceed $80 billion, with coal investment falling by 30% and gas decreasing by 8%. Private household investment in energy doubled from 9% of the total in 2015 to 18% at the end of 2023.