Clean energy investment set to double amount going into fossil fuel

Wind turbines dot the coastline along a giant solar farm near Weifang in eastern China's Shandong province on March 22, 2024. (AP Photo/Ng Han Guan)

WASHINGTON: Investment in clean energy technologies will climb to US$2 trillion this year, almost double the amount spent on fossil fuels, according to the International Energy Agency (IEA).

Two-thirds of the record US$3 trillion invested in energy sources in 2024 will be devoted to sectors such as renewables, electric vehicles, nuclear power, grids, storage and efficiency, even as higher financing costs hinder projects, the Paris-based agency said.