Energy security concerns -- worsened by the war in Ukraine -- and policy support from rich countries are likely to help investments in clean energy outpace spending on fossil fuels, the International Energy Agency said in a report issued Thursday.
Butnearly six times what the IEA has estimated they should be for the world to end its reliance on fossil fuels and achieve emissions cut goals for countering climate change, it said.
"We are in a significantly better place than we were a few years ago," Tim Gould, IEA's chief energy economist, said at the report's launch Thursday. "There's still a very long way to go, but there are finally some encouraging signs for us all to welcome."
Some $2.8 trillion is set to be invested in energy globally in 2023, of which more than $1.7 trillion is expected to go to clean technologies including modern electricity grids, energy storage, low-emissions fuels and electric vehicles, according to the organization's latest World Energy Investment report.
Slightly more than $1 trillion is going to coal, gas and oil -- fossil fuels that are a major source of emissions that are contributing to global warming.
Part of the problem is that demand for energy is outstripping increases in supplies in many parts of the world. Powerful energy industry interests also sway decisions about investments in future capacity, often in favour of fossil fuels.
Global coal demand reached an all-time high in 2022 and about 40 gigawatts of new coal power plants were approved, the highest figure since 2016, with almost all in China, the report says.
Still, the trend is shifting in favour of renewable energy. For every $1 spent on fossil fuels, $1.70 is now spent on clean energy. Five years ago the ratio was 1:1, according to the report.
Clean energy investments have been boosted by a variety of factors in recent years, including periods of strong economic growth and volatile fossil fuel prices that raised concerns about energy security, especially following Russia's invasion of Ukraine.
Enhanced policy support such as the Inflation Reduction Act in the U.S. and initiatives in Europe, Japan, China and elsewhere have also played a role.
"Solar is the star performer and more than $1 billion per day is expected to go into solar investments in 2023 (USD 380 billion for the year as a whole), edging this spending above that in upstream oil for the first time," the report said, referring to crude oil output.
Electric vehicle sales are expected to leap by a third in 2023 after surging in 2022, it said.
More than 90% of the increase in clean energy investments comes from advanced economies and China, with much less in less wealthy nations. Factors such as high interest rates, weak electricity grid infrastructure and unclear policies are holding back investments in renewable energy in many countries, the report said.
Vibhuti Garg, the South Asia director for the Institute for Energy Economics and Financial Analysis, said that the focus for rich countries is on investing in their own economies and not on making that capital available for poorer nations.
Since 2009, rich nations have promised to spend $100 billion in climate aid for poor nations, with most of it aimed at helping wean them away off fossil fuels like coal and to build clean energy systems. But these financial pledges haven't been fulfilled. Garg said that this means that developing countries will continue to rely on dirty coal.
"How do you expect these developing countries to transition when they don't have money?" she said.
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Aniruddha Ghosal reported from New Delhi, India.
Associated Press climate and environmental coverage receives support from several private foundations.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
Twenty-seven year Â鶹ӰÊÓ reporter and anchor John Vennavally-Rao shares his story of what it was like to have an ostomy bag as part of his health-care battle. 'I’m grateful for what it did to extend my life,' he writes in a personal column for CTVNews.ca.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
A new study is adding to emerging research showing that exposure to metals such as cadmium, uranium and copper may also be associated with the leading cause of death worldwide, cardiovascular disease.
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The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
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The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
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Donald Trump returned to North Carolina on Saturday, stumping in the southern battleground state with direct appeals to women, claiming he would be a better champion for them than U.S. Vice President Kamala Harris, who is vying to become the first female president.
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The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
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The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
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Foreign Affairs Minister Melanie Joly says close to 45,000 Canadians are in Lebanon, months after warning there is no guarantee Ottawa can evacuate them if the situation deteriorates further.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
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Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.
Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.
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Milla White from Cochrane literally drew her way into a meeting with former boxer and actor Mickey Rourke.
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The St. Thomas police is asking the public for help locating a missing man.
The Barrie Skateboard Association (BSA) hosted a unique competition at the City's Skate Park on Saturday to celebrate its 25th anniversary, which showcased the park's importance and the growth of skateboarding in the region.
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The Amherstburg Freedom Museum is celebrating a year of festivities in anticipation of its 50th anniversary in 2025.
The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.
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A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
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Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.
Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
Following an outbreak of COVID-19 on its continuing care floor and just ahead of the flu season, St. Joseph’s General Hospital in Elliot Lake has opted to re-introduce a universal masking policy until further notice.
A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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