Clean energy spending roars worldwide, despite Trump's fossil focus
Global investment in zero-carbon electricity generation, power grids and energy efficiency is expected to hit $2.2 trillion in 2025, about twice as much as what's forecast for oil, gas and coal, according to the International Energy Agency.
The predictions in IEA's annual report on global investment indicate that clean energy spending could remain strong even as President Donald Trump reverses U.S. policies aimed at expanding renewable power, electric vehicles and energy efficiency. The analysis pointed to a global emphasis on energy security in addition to environmental concerns. The European Union, for instance, is expected to continue boosting clean energy spending to reduce its reliance on Russian natural gas, and China is expanding wind, solar and EVs to reduce oil and gas imports.
'Amid the geopolitical and economic uncertainties that are clouding the outlook for the energy world, we see energy security coming through as a key driver of the growth in global investment this year to a record $3.3 trillion as countries and companies seek to insulate themselves from a wide range of risks,' IEA Executive Director Fatih Birol said in a statement, referring to total spending on clean energy and fossil fuels.
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When the agency's first report was released in 2015, global spending on coal, natural gas and oil was 30 percent higher than on electricity generation, power grids and storage. Now, total spending on the electric sector — currently at $1.5 trillion — is 50 percent higher than for fossil fuels. Investment in low-carbon power has doubled in the last five years. Global spending on solar alone is expected to reach $450 billion this year.
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