The United States is pivoting away from fossil fuels and toward wind, solar and other renewable energy, even in areas dominated by the oil and gas industries.
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Total energy investment is expected to exceed $3 trillion for the first time in 2024, the IEA said in its annual World Energy Investment report. Some $2 trillion is set to go to clean technologies
The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs. The latest analysis is the first comprehensive assessment of global renewable energy deployment trends since the conclusion of the COP28 conference in Dubai in December.
Experts weigh in on the pros and cons of the United States'' first major climate change legislation, the Inflation Reduction Act, signed this year.
Huge swaths of the country are pivoting from fossil fuels, toward wind, solar and other renewables. New York Times climate reporter Brad Plumer discusses this progress and roadblocks that lie ahead.
Europe and the United States follow, with clean energy investment of $370 billion and $315 billion respectively. These three major economies alone make up more than two-thirds of global clean energy investment, underlining the disparities in international capital flows into energy.
In the weeks since President Biden signed a comprehensive climate bill devised to spur investment in electric cars and clean energy, corporations have announced a series of big-ticket projects
The 2023 update of Tracking Clean Energy Progress, available on the IEA website, tracks progress towards aligning the global energy system with a path to reaching net zero emissions by 2050. It does this by assessing over 50 different components, from sectors to technologies to infrastructure.