• About Us
  • Contact Us
  • Privacy & Policy
Friday, July 18, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Energy Investment Set to Soar: IEA Predicts $3 Trillion Investment in Global Energy in 2024

Vincent Amadi by Vincent Amadi
June 8, 2024
in Economy, News
Reading Time: 3 mins read
A A
0
Energy Investment Set to Soar: IEA Predicts $3 Trillion Investment in Global Energy in 2024
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


A report by the International Energy Agency revealed that renewable energy sources are expected to attract $2 trillion globally by 2024 out of a forecast total energy investment of $3 trillion for this year.
According to the IEA, total investment in energy worldwide is expected to exceed $3 trillion for the first time.
“Some $2tn is expected to flow towards clean technologies such as renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps. The remainder – slightly over $1tn is set to go to coal, gas, and oil,” the report said.
It revealed that despite fiscal stress, global investment in clean energy is expected to almost double the amount spent on fossil fuels by 2024, revealing that was helped by improving supply chains and lowering costs for clean technologies.


However, the energy agency says that despite record-breaking spending on clean energy, there are still huge imbalances and shortfalls in energy investment in many parts of the world.
It stated that China, which sees strong domestic demand for solar panels, lithium batteries, and electric vehicles, is expected to account for the largest share of investment in clean energy reaching about 675 billion USD this year. Europe and the United States follow with clean energy investments of $370 billion and $315 billion, respectively.
These three major economies alone make up more than two-thirds of global clean energy investment,” the report revealed.
In emerging and developing economies, investment in clean energy in 2024 is expected to exceed $300 billion for the first time, led by Brazil and India. The report notes that this level of spending, which represents only about 15% of total global spending, is far below what is needed to meet growing energy demand in many of these countries, where high capital costs have hampered the development of new projects.
“This figure is broadly in line with implied demand levels in 2030 under current policies, but is much higher than expected under scenarios where national or global climate targets are met,” the report says.
“Notably, clean energy investment by oil and gas companies will account for just 4% of total industry capital spending in 2023,” the report says.


It added that spending on the grid, which is key to a faster transition to clean energy, is expected to hit $400 billion by 2024, after being stuck at around $300 billion a year from 2015 to 2021.
Investment in battery storage is also expected to take off and is expected to reach $54 billion by 2024. However, this spending remains very geographically concentrated.
IEA Executive Director Fatih Birol commented: “Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy. For every dollar going to fossil fuels today, almost two dollars are invested in clean energy.
“The rise in clean energy spending is underpinned by strong economics, by continued cost reductions, and by considerations of energy security. But there is a strong element of industrial policy, too, as major economies compete for advantage in new clean energy supply chains.
“More must be done to ensure that investment reaches the places where it is needed most, in particular the developing economies where access to affordable, sustainable and secure energy is severely lacking today.”
In the transition plan, Nigeria chose gas as a transition fuel because it is cheaper and cleaner than gasoline and diesel. Similarly, the Rural Electrification Authority plans to obtain about 9 megawatts of electricity from the solar grid.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Wanted gunrunner died while evading arrest – Kogi CP
News

Wanted gunrunner died while evading arrest – Kogi CP

16 hours ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

2 days ago
Peter Obi urges Northern leaders to invest in education to tackle poverty
National

Just In: I will contest for office of the President in 2027 — Peter Obi

2 weeks ago
Breaking: Gunmen kill 11 Ebonyi indigenes at Ogboji meeting in Anambra. Survivor recounts horror.
News

Breaking: Gunmen kill 11 Ebonyi indigenes at Ogboji meeting in Anambra. Survivor recounts horror.

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

NELFUND Disburses ₦73.2bn in Interest-Free Student Loans Across Nigeria
National

NELFUND Disburses ₦73.2bn in Interest-Free Student Loans Across Nigeria

10 hours ago
INEC Extends Anambra Voter Registration by Three Days
National

INEC Extends Anambra Voter Registration by Three Days

10 hours ago
FG suspends recruitment into paramilitary services
National

FG suspends recruitment into paramilitary services

19 hours ago
Breaking: Momodu resigns from PDP, joins ADC
National

Breaking: Momodu resigns from PDP, joins ADC

20 hours ago
REA’s N28.7 Billion Intervention Lights Up Rural Nigeria
National

FG to boost electricity supply to 8,000MW in 18 months

21 hours ago
Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages
Entertainment

Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

1 day ago

POLITICS

Breaking: Momodu resigns from PDP, joins ADC

Breaking: Momodu resigns from PDP, joins ADC

20 hours ago
Breaking News: Former vice president Atiku Abubakar resigns from PDP

Breaking News: Former vice president Atiku Abubakar resigns from PDP

2 days ago
Kwankwaso asserts refraining from making comments on political events

Kwankwaso Not Leaving NNPP for ADC – Dungurawa Clears the Air

3 days ago
ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

4 days ago
ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil

ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil

5 days ago
2027: APC chieftain warns opposition leaders and ADC against reckless statements

2027: APC chieftain warns opposition leaders and ADC against reckless statements

5 days ago

YOUR ECONOMY

Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

2 days ago
Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

3 weeks ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

4 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

1 month ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

1 month ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

1 month ago

E & P

Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages
Entertainment

Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

by Steven Atogi
1 day ago
0

Controversial musician Speed Darlington has taken legal action against NAPTIP, filing a N3 billion lawsuit over defamation.He insists that the...

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Osimhen Asks Napoli to Clear Path for Galatasaray Move – Mustafa Göksu

3 days ago
Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

1 week ago
Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

1 week ago
Just In: Osimhen agrees on personal terms with Galatasaray, rejects Al Hilal €75m bid

Just In: Osimhen agrees on personal terms with Galatasaray, rejects Al Hilal €75m bid

1 week ago
Breaking: Galatasaray submits €50m bid for Victor Osimhen

Breaking: Galatasaray submits €50m bid for Victor Osimhen

1 week ago

YOUR THOUGHT & HISTORY

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
2 days ago
El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
2 weeks ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
3 weeks ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
3 weeks ago
ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
5 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

NELFUND Disburses ₦73.2bn in Interest-Free Student Loans Across Nigeria

NELFUND Disburses ₦73.2bn in Interest-Free Student Loans Across Nigeria

July 18, 2025
INEC Extends Anambra Voter Registration by Three Days

INEC Extends Anambra Voter Registration by Three Days

July 18, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address