Shift to clean energy accelerating, but coal investments too high, report says – by Victoria Milko and Aniruddha Ghosal (Associated Press – May 25, 2023)

JAKARTA, Indonesia (AP) — Energy security concerns — worsened by the war in Ukraine — and policy support from rich countries are likely to help investments in clean energy outpace spending on fossil fuels, the International Energy Agency said in a report issued Thursday.

But investments in coal are on course to rise by about 10% in 2023, nearly six times what the IEA has estimated they should be for the world to end its reliance on fossil fuels and achieve emissions cut goals for countering climate change, it said.

“We are in a significantly better place than we were a few years ago,” Tim Gould, IEA’s chief energy economist, said at the report’s launch Thursday. “There’s still a very long way to go, but there are finally some encouraging signs for us all to welcome.”

Some $2.8 trillion is set to be invested in energy globally in 2023, of which more than $1.7 trillion is expected to go to clean technologies including modern electricity grids, energy storage, low-emissions fuels and electric vehicles, according to the organization’s latest World Energy Investment report.

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