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Solar Power To Overtake Oil Production Investment For First Time
Friday May 26, 2023. 12:00 PM , from Slashdot
![]() Around $2.8 trillion is set to be invested in energy worldwide in 2023, of which more than $1.7 trillion is expected to go to renewables, nuclear power, electric vehicles, and efficiency improvements. The rest, or around $1 trillion, will go to oil, gas and coal, demand for the last of which will reach an all-time high or six times the level needed in 2030 to reach net zero by 2050. Current fossil fuel spending is significantly higher than what it should be to reach the goal of net zero by mid-century, the agency said. In 2023, solar power spending is due to hit more than $1 billion a day or $382 billion for the year, while investment in oil production will stand at $371 billion. Investment in new fossil fuel supply will rise by 6% in 2023 to $950 billion, the IEA added. Read more of this story at Slashdot.
https://hardware.slashdot.org/story/23/05/25/2343218/solar-power-to-overtake-oil-production-investme...
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