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Solar Power outpaces oil investments first time ever

Words by Tess Becker

One of the most important steps in the climate fight is to switch to cleaner, renewable energy, cutting back on emissions from fossil fuels. So it’s good news that investment in renewables and specifically solar projects in 2023 is expected to outpace investment in oil production for the first time.

Annual investment in renewable energy was up by nearly a quarter since 2021, compared with a 15% rise for fossil fuels according to the International Energy Agency

“Clean energy is moving fast — faster than many people realize,” said IEA executive director Fatih Birol. “For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one.”

Around $2.8 trillion is set to be invested in energy worldwide in 2023, of which more than $1.7 trillion is expected to go to renewables, nuclear power, electric vehicles, and energy efficiency improvements. The rest of those investments will go to non-renewables like oil and coal. 

In 2023, renewable investments hit about $1 billion a day, or around $380 billion a year.

“This crowns solar as a true energy superpower. It is emerging as the biggest tool we have for rapid decarbonization of the entire economy,” Dave Jones, head of data insights at energy think tank Ember, said in a statement.

Charity check-in

At Smiley Movement, we like to elevate the work of charities across the world. Here are three charities whose causes align with the themes in this article.

Beacon Food Forest. This is one of the largest food forests in the country. Find out more and support them here

Cultural Survival. They are an indigenous-led nonprofit focused on empowering indigenous Americans and helping the planet. Find out more

American Forests. A conservation organization focused on preserving and protecting American forests. Support them here

This article aligns with the UN SDG Climate Action.

This article aligns with the following UN SDGs

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