Global solar power investment to surpass oil for the first time

Solar is emerging as an energy superpower with this year’s investment in the sector ($380B) set to surpass spending on oil production ($370B) for the first time.

That’s according to Fatih Birol, executive director of the International Energy Agency, who said the development “will soon start to see a very different energy system emerging and we can keep the 1.5C goal alive.”

The change is a result of strong subsidies and tax credits like the Inflation Reduction Act, as well as policy alignment among nations towards climate and energy security, and better economics of alternative power sources.

Click here to read the full article
Source: Seeking Alpha

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.