projects are increasing around the world

Wind turbine in Flavin (Aveyron), April 7, 2023

The end of the health crisis due to the Covid-19 pandemic, then the energy shocks have not stopped investments in low-carbon energies. On the contrary. For the year 2023, their amount is estimated at more than 1,700 billion dollars (about 1,600 billion euros). A jump of 24% compared to 2021, according to the annual report of the International Energy Agency (IEA) on investments, theWorld Energy Investment”, published Thursday, May 25.

Projects related to renewable energies (solar or wind) and electric vehicles have in particular increased this amount. In the document, the term “clean energy” also includes nuclear power, transport and storage infrastructure, energy efficiency, and even heat pumps.

At the same time, despite their harmfulness to the climate, the expected expenditure on fossil fuels is also increasing. Oil, gas and coal will still drain a little more than 1,000 billion dollars during the current year, according to projections. That is to say 15% more than two years ago, contrary to the recommendations for achieving carbon neutrality.

A small number of actors

However, recent years have widened the gap between “clean energy” and fossil fuels. Now the ratio is 1.7 to 1. Five years ago it was 1 to 1. “A new global clean energy economy is emerging, with major implications for energy markets and in the fight against climate change”wants to believe Fatih Birol, executive director of the IEA, an institution based in Paris and attached to the Organization for Economic Co-operation and Development (OECD).

An unprecedented example, according to him: partly under Chinese impetus, planned spending on solar power for 2023 ($380 billion) is expected to be higher than that for exploration and production in the oil sector.

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Since 2021, the excess investment in low-carbon energies is mainly due to a small number of players. He concentrates on “more than 90%”, in OECD countries (those of the European Union, United States, Japan, etc.), as well as in China. However, according to the Turkish head of the International Energy Agency, “we will only achieve our climate goals [limiter à 1,5 °C le réchauffement pour la fin du siècle] only if emerging countries also have the means to get involved”. In addition for construction sites uming significant initial outlays.

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