The International Energy Agency has released new data that shows the recovery from the slump caused by the Covid-19 pandemic and the response to the global energy crisis provoked by Russia’s war of aggression against Ukraine have provided a significant boost to renewable energy investments. When the IEA compared it estimates for 2023 with the data for 2021, it found that annual clean energy investments have risen much faster than investments in fossil fuels over this period — 24% vs 15%.
“Our new analysis highlights how the period of intense volatility in fossil fuel markets caused by the Russian invasion of Ukraine has accelerated momentum behind the deployment of a range of clean energy technologies, even as it also prompted a short term scramble for oil and gas supply.
