Over $1.4 trillion was invested in clean energy technologies in 2022, representing over 70% of the growth in annual energy investment, up from $1 trillion in 2015.
The International Energy Agency stated in a research report that more than 80% of the roughly $1 trillion in overall investment in the power sector, which is dominated by solar, went toward renewables, power networks, and energy storage. A rise over 75% of the roughly $800 billion in investments was made in 2018.
Over the same time period, the proportion of fossil fuel electricity fell from 20% to 10%.
Oil and gas businesses increased their capital expenditure on clean energy technology, which is predicted to reach over 5% of their global upstream expenditure in 2022, up from just 0.5% in 2015. As a result, the amount of investment in oil, gas, and coal rose to over $800 billion in 2022 from over $1 trillion in 2015, with oil and gas firms boosting their capital investment in clean energy technologies.
By 2021, spending on electric vehicles will have risen to roughly $280 billion, or almost ten times what it was in 2015.
Despite recent advancements in green energy technologies, the IEA stated that the world remains primarily dependent on fossil fuels for the provision of energy, with the global share of fossil fuel energy in the mix staying at roughly 80%.
It noted that the share of fossil resources in primary energy consumption rose to 80% in 2021 from 77% in 2000 and that, in fact, development in green electricity supply since 2000 has already exceeded that of oil, gas, and coal, particularly in emerging and third world nations.
Over the same time frame, the IEA said that its share in developed economies decreased from 82% to 77%.