Investment in renewables outpacing fossil fuels, says IEA
Renewables spending reaches record levels but challenges remain - IEA | Windpower Monthly
Renewables spending reaches record levels but challenges remain – IEA
Global spending on renewable energy reached record levels in 2022, and is set to increase this year, according to a major new report by the International Energy Agency (IEA). However, clean energy spending still falls short of what is needed to reach net zero, and challenges remain with financing the energy transition.
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Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.