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