The aftermath of the Covid-19 pandemic and the response to the global energy crisis have ushered in a substantial upswing in global investment in clean energy.
- Across nearly all sectors, notable increments have propelled the projected expenditure for 2023 to an unprecedented USD 2.8 trillion.
- Renewable energy sources, with solar at the forefront, along with electric vehicles, are at the helm of the projected surge in clean energy investment for the year 2023.
- However, a mere fraction of the extraordinary financial inflow from the energy crisis in the oil and gas sector is being channeled into conventional supply, and a minute portion is directed towards clean technologies.
- This heightened impetus towards clean energy investment arises from a potent convergence of cost-effectiveness, climate objectives, energy security goals, and industrial strategies.
- Conversely, the anticipated augmentation in fossil fuel investment for the year 2023 exhibits uneven global distribution, as less than half of the available capital flow in the oil and gas domain is allocated to new supply initiatives.
- While the surge in clean energy expenditure over recent years is undoubtedly impressive, its concentration is predominantly confined to a handful of nations.
