Global investment in solar outpaced investment in oil for the first time last year, according to a report from International Energy Agency. As reported May 29 by CBS News, IEA said since 2018 more funding has been invested in clean-energy development than into fossil fuels, and the gap continues to grow. Last year a record $2.8 trillion was invested globally in the energy sector, including $1.7 trillion in clean energy.
“For every dollar invested in fossil fuels,” IEA executive director Fatih Birol said, “about 1.7 dollars are now going into clean energy. Five years ago this ratio was one to one. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.”