Invasion of Ukraine ‘has fuelled funding boom for clean energy’

(EurActiv, 25 May 2023) International Energy Agency says investment will hit $1.7tn this year, well ahead of fossil fuels.

Russia’s invasion of Ukraine has helped ignite a boom in clean energy investment which will significantly outpace spending on fossil fuels, according to the International Energy Agency.

A report from the IEA has found that clean energy investment is on track to reach $1.7tn (£1.4tn) this year as investors turn to renewables, electric vehicles, nuclear power, grids, storage and other low-carbon technologies.

At the same time investment in coal, gas and oil will rise to just over $1tn, the IEA said.

The Paris-based agency found that clean energy investments have been boosted by many factors including periods of strong economic growth and volatile fossil fuel prices as well as heightened concerns about energy security after Russia’s invasion of Ukraine.

Fatih Birol, the executive director of the IEA, said: “Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels.

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EurActiv, 25 May 2023: Invasion of Ukraine ‘has fuelled funding boom for clean energy’