Causes.com
| 6.5.23
Solar to Overtake Oil Investments For First Time Ever
Is the U.S. doing enough to invest in low-emission technology?
What's the story?
- According to the Paris-based International Energy Agency (IEA), solar energy investments will overtake oil investments for the first time this year and is due to hit more than $1 billion a day.
What are the statistics?
- Annual investment in renewable energy has grown by nearly 25% since 2021, compared with a 15% rise for fossil fuels. Experts expect low-emissions technology, like solar and wind, to account for 90% of investment in power generation in the coming years.
- It is estimated that around $2.8 trillion will be invested in energy worldwide in 2023, with over $1.7 trillion of this investment anticipated to go to renewables and nuclear power. Similarly, global sales of electric vehicles are expected to grow by one-third this year.
- The IEA points to the affordability and security concerns triggered by the global energy crisis as a factor motivating the surge in investments in energy technology.
What are people saying?
"Clean energy is moving fast - faster than many people realize. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels. For every dollar invested in fossil fuels, about $1.7 (€1.58) is now going into clean energy. Five years ago, this ratio was one-to-one."
"This crowns solar as a true energy superpower. It is emerging as the biggest tool we have for rapid decarbonization of the entire economy."
What's next?
- Despite the growth of alternative energy, fossil fuel investment is still twice the level needed for the world to achieve net-zero emissions by mid-century.
- Investment in new fossil fuel supply is still rising and will grow by 6% in 2023 to $950 billion globally.
Is the U.S. doing enough to invest in low-emission technology?
-Emma Kansiz
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This is great news! We need to keep researching and investing in sustainable energies like solar to reduce our pollution and greenhouse gas output to stop the climate crisis.
I'm glad to hear investments are going in the clean direction, and I hope more financial institutions go this way.
While it's good that investment is up, renewables only account for 12% of all energy consumption in the US so there is lots of catch up needed.
https://usafacts.org/earth-day-facts/energy-emissions/
Get the government out of this. Let's let consumers and industry choose. May the best tech win. In many case it will vary depending on application, so let's get the one size fits all government approach off the table. Let's stop government from subsidizing their favorite to the detriment of possibly better sources
The U.S.A. produced more fossil fuels than ever before last year. Since 2018, the U.S.A. has been the world's largest producer of petroleum/oil and natural gas. President Biden has sold more oil and gas leases than Trump ever did...
We will see whether any of these clean energy puduction facilities actually get built.
I can guarantee fossil fuel production will continue to climb--and that is a very dangerous plan.
We need to do more and the tough part is convincing the oil companies to get involved.
Too much, is for the benefit of China.
We need to get away from fossil fuels faster!
We can always do moe.
No, the USA is NOT! Of course, this is because too many lawmakers and policy makers or paid off by Big Oil!
but this is good news.
More needs to be done!
Doing enough? Probably not. Is anyone doing enough?
Not even close.
Oil companies are pressuring lawmakers not to promote clean energy. The American people want clean air and water. We do not want the environment destroyed. It's time to realize that our resources are finite and we need to conserve and save the planet.
Unfortunately those old white men and greedy big oil does not support my generation millennials who care about climate change
Bidens doing an awfull job on this...
we need renewable, sustainable energy now, and end the use of fossil fuels.
Wont be enough until fossil fuel is at a very low point and on its way out altogether.
CAUSES ASKS: "Is the U.S. doing enough to invest in low-emission technology?" ME: No -- we're way behind the curve when it comes to developing clean energy alternatives. Biden has made a start -- over magagop objections -- but there's a long ways to go.
It we are to transition to electric vehicles, then the government better hurry up and build a massive amount of charging stations across the country.
Unfortunately, Republicans resist the development of green energy just as they still favor the fossil fuel industry and deny climate change.
The Government has access to technology that could eliminate Carbon Dioxide emissions (U.S. Patent 8,674,373 and ignores it)
Obviously we can't do it all at once, but we damned sure need to get started on more options in more locations NOW!