Bloomberg Law
May 25, 2023, 6:52 AM

Solar Power Investment to Surpass Oil Production Spending (1)

William Mathis
William Mathis
Bloomberg News

Investors will pour more money into solar power than in oil production this year for the first time, signaling the scale and speed of the transition to low-carbon sources of energy.

That’s according to the latest report from the International Energy Agency, which sees investments in clean energy technologies soaring past those made in fossil fuels. However, the mix of investment is still far from one that would put the world on course to meet its commitments to limit the increase of global temperatures.

A record of more than $1.7 trillion will be invested in a variety of clean ...

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