IEA expects over USD 1.4trn of clean energy investment in 2022
Wind and solar together. Author: Gerry Machen.
June 22 (Renewables Now) - Clean energy investment is seen to exceed USD 1.4 trillion (EUR 1.3trn) in 2022, according to the International Energy Agency (IEA), with renewables, improved efficiency, and grids and storage accounting for the bulk of this spending and all anticipated to grow this year.
After averaging at just over 2% in the five years after the 2015 Paris Agreement, clean energy investment growth has increased to 12% since 2020. While this is well short of what is needed to achieve international climate goals, it is still an important step in the right direction, IEA said today as it announced its World Energy Investment 2022 report.
This year's clean energy investment is expected to account for almost three-quarters of the 2022 growth in overall energy investment, which is forecast to expand by 8% to USD 2.4 trillion.
Almost half of the total increase in spending, however, will stem from higher costs.
IEA pointed out the rise in clean energy spending is concentrated in advanced economies and China and that in some markets, energy security concerns and high prices are leading to increased investment in fossil fuel supplies, particularly coal.