Sitemap

Solar Power Due To Overtake Oil Production Investment For First Time -IEA

CorD Recommends

Serbia Awards Distinctions to Notable Personalities on National Day

In a ceremonial tribute to Serbia's National...

Western Balkans Eye EU Membership by 2028

At the esteemed Munich Security Conference, a...

Balkan Borders Blur as Free Labor Movement Pact Launches

Marking a significant shift in the labor markets of Southeast Europe, Serbia, Albania, and North Macedonia have forged an...

Southeast Europe Unites in Support for Ukraine at Tirana Summit

In a striking demonstration of unity from Tirana, Southeast European leaders, together with Ukraine's President Volodymyr Zelenski, have collectively...

New Management In Schneider Electric Serbia And Montenegro

Schneider Electric, the global leader in digital transformation of energy management and automation, announces the appointment of Miloš Vuksanović...

Nestlé Unveils Plant-Based Meal Factory in Surčin, Serbia, with a €80 Million Investment

Nestlé has taken a significant step towards expanding its sustainable food production footprint by inaugurating a new €80 million...

Serbia Commits €5.4 Billion to Renewable Energy by 2030

Serbia's state-owned power company, Elektroprivreda Srbije (EPS), has announced an ambitious plan to invest €5.4 billion in renewable energy...

Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said on Thursday, with solar projects expected to outpace outlays on oil production for the first time.

Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15% rise for fossil fuels, the Paris-based energy watchdog said in its World Energy Investment report.

Around 90% of that clean energy spending comes from advanced economies and China, however, highlighting the global divide between rich and poor countries as fossil fuel investment is still double the levels needed to reach net-zero emissions by mid-century.

“Clean energy is moving fast – faster than many people realise,” said IEA Executive Director Fatih Birol.

“For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one.”

Around $2.8 trillion is set to be invested in energy worldwide in 2023, of which more than $1.7 trillion is expected to go to renewables, nuclear power, electric vehicles, and efficiency improvements.

Read more...

Microbes Discovered That Can Digest Plastics At Low Temperatures

Microbes that can digest plastics at low temperatures have been discovered by scientists in the Alps and the Arctic, which could be a valuable...

The EU First To Introduce CO2 Tariff

The European Union reached a political agreement on the introduction of customs duties on the import of goods such as steel and cement, during...

The rest, or around $1 trillion, will go to oil, gas and coal, demand for the last of which will reach an all-time high or six times the level needed in 2030 to reach net zero by 2050.

Current fossil fuel spending is significantly higher than what it should be to reach the goal of net zero by mid-century, the agency said.

In 2023, solar power spending is due to hit more than $1 billion a day or $382 billion for the year, while investment in oil production will stand at $371 billion.

“This crowns solar as a true energy superpower. It is emerging as the biggest tool we have for rapid decarbonisation of the entire economy,” energy think tank Ember’s head of data insights, Dave Jones, said in a statement.

Related Articles

European Banking Titans Surpass €100 Billion Profit Milestone Amid Rising Interest Rates

For the first time in history, Europe's banking behemoths have collectively breached the €100 billion profit ceiling, fueled by a significant uptick in interest...

Renewables Set to Eclipse Coal in Global Power Generation by 2025, IEA Forecasts

In a landmark shift for global energy dynamics, the International Energy Agency (IEA) forecasts a decline in coal's share of global electricity production below...

Western Balkans Eye EU Membership by 2028

At the esteemed Munich Security Conference, a cornerstone event in global security discourse, leaders from North Macedonia, Albania, and Montenegro have passionately renewed their...

EIB Global Channels Record €1.2 Billion into Western Balkans

EIB Global, the European Investment Bank's arm for non-EU activities, has made a landmark investment of €1.2 billion in the Western Balkans for 2023,...

The EU and UNDP allocated 580,000 euros for civil society

The European Union and the United Nations Development Program (UNDP) have allocated funds for the implementation of 12 initiatives of civil society organizations (CSOs)...

EU Agreement Grants Consumers the Right to Repair Beyond Warranty Period

In a significant stride towards sustainability, European Union negotiators have reached a political agreement on a directive that will grant consumers the right to...

IMF Boosts Global Growth Forecast Amid Lower Energy Costs

The International Monetary Fund (IMF) has revised its forecast for global economic growth upwards for this year, buoyed by robust consumer spending and declining...

Croatia Tops Affordability Chart for EU Arable Land

The European Union's 2022 data unveils a captivating snapshot of arable land prices, with Croatia emerging as the beacon of affordability for potential landowners.  In...