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Volatility in oil and gas markets caused by Russia's war in Ukraine is fueling the clean energy boom as countries struggle to secure their electricity supplies.
Notable record: Last year, for the first time, solar energy investment surpassed oil investment, according to the International Energy Agency, which released a new report on global energy investment.
The Paris company warns that the world is still investing heavily in fossil fuels. According to the IEA, investment in this sector now more than doubles the maximum allowed if countries meet their declared emission reduction commitments.
The growing divide
As of 2018, clean energy has received significantly more funding than fossil fuels, and the gap is widening. Last year, a record $2.8 trillion was invested in the global energy sector, of which $1.7 trillion went into clean energy.
“Today, for every dollar invested in fossil fuels, about $1.7 is invested in clean energy. "Five years ago, this ratio was one to one," says BEA Executive Director Fateh Birol. "A clear example of this is investment in solar energy, which for the first time has surpassed investment in oil exploration."
© Provided by CBS NewsRussia's brutal invasion of Ukraine that began last year has increased demand for all forms of energy and spurred investment in fossil fuels and clean energy. The war has driven up oil and gas prices, of which Russia is a major producer - it supplies about 12% of the world's oil and about half of the European Union's natural gas.
In response, investors have doubled down on all options and invested their money in the development of gas and oil wells outside of Russia, as well as the development of new renewable energy sources that do not require gas. .
Natural gas is a fossil fuel that contributes to global warming. Although it is considered "cleaner" than older fuels such as coal and oil, recent studies have shown that it may be more harmful to the climate due to the release of large amounts of methane , a powerful heat-trapping gas. . When it comes out.
The surge in clean energy investment is good news for the world as it promises to meet its climate goals. If the pace of the past two years continues, "in 2030, the total cost of low-emission energy, network and storage and final electrification will exceed the levels required to meet announced global climate commitments," OUCH wrote. "For some technologies, particularly solar technologies, this would be equivalent to the investment required to stabilize global average temperatures at 1.5 degrees Celsius."
However, this can only happen if projected oil and gas production is cut sharply, the IEA warned.
The report states that "the risks of fossil fuel lock-in are clear: fossil fuel investment in 2023 is more than double what would be needed to meet reduced demand in a [zero emissions] scenario."
Fossil fuel prices pose a dilemma
Persistently high fossil fuel prices and record profits for oil and gas companies over the past year have left investors in a dilemma to capitalize on commodity prices.
"A key dilemma for investors planning large, capital-intensive gas supply projects is how to balance strong near-term demand growth with uncertainty and potential long-term demand declines," the IEA wrote.
If the clean energy boom is to continue, another key issue must be addressed: gender equality, the agency noted. Until now, clean energy investment has been limited to a few countries, including China, the European Union and the United States.
"Notably, clean energy investment growth in advanced economies and China from 2021 outpaces total clean energy investment in the rest of the world," the IEA said.
The high initial costs and high interest rates of clean energy infrastructure mean many developing countries do not invest in renewable energy, even though it costs less than fossil fuels and can save lives in the long run. , the IEA notes. In the United States and many developed countries, requiring permits for multiple energy projects, often over years or even decades, has slowed the spread of clean energy.
