In 2023, solar energy is poised to attract more capital than oil production for the first time in history. This reflects a significant shift occurring in energy systems worldwide. It is yet another indication that clean energy is advancing more rapidly than many might anticipate.
Solar energy has become one of the most prominent alternative energy sources globally, rapidly evolving and gaining prominence. It is drawing increasing capital and investments due to its sustainability, environmental friendliness, and potential for long-term reduction in greenhouse gas emissions. With the increased utilization of solar energy, the dependence on fossil fuels such as oil is decreasing, which can positively impact pollution reduction and environmental preservation.
Conversely, oil production has long been a key energy source driving the global economy. However, in recent years, due to growing awareness of climate change and the need to reduce greenhouse gas emissions, interest in fossil fuels like oil has waned. Investors and companies are increasingly turning to renewable energy sources, such as solar energy, which offer a sustainable and clean solution for future energy supply.
The fact that solar energy is set to attract more capital than oil production signifies a turning point in the energy sector. This underscores the rapidly changing nature of the energy system, where traditional energy sources are gradually being replaced by renewable and environmentally friendly alternatives. This trend indicates a shift towards a more sustainable and clean energy future, which is crucial for environmental preservation and mitigating the negative impacts of climate change.
This article is based on the foundation of posts from World Energy Investment 2023 published by International Energy Agency
This article is also available in the Slovenian language Prvič v zgodovini