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World Energy Investment Report 2023

World Energy Investment Report 2023:

The International Energy Agency has released the World Energy Investment Report 2023

Key findings of the Report:

  • Investment in clean energy has increased in recent years Investments in clean energy have surpassed investments in fossil fuels by 70%; Transition driven by Electric Vehicles (EVs) and renewable power; $1.7 allocated to clean energy for every $1 spent on fossil fuels.
  • Clean energy investments concentrated in advanced economies Over 90% of the surge in clean energy investment since 2021 is in advanced economies and China; India shows strong investment in solar energy.
  • Challenges in transitioning towards clean energy Hurdles include higher interest rates, ambiguous policy frameworks, market designs, financially constrained utilities, and high cost of capital.

International Energy Agency:

  • The IEA is an inter-governmental organization, HQ: Paris.
  • It ensures the security of oil supplies and promotes energy cooperation among member countries
  • Established in 1974 to ensure the security of oil supplies
  • It is within the OECD framework