London: Total energy investment worldwide is expected to exceed $3 trillion in 2024 for the first time, with some $2 trillion set to go toward clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps, the International Energy Agency (IEA) said.

The remainder, slightly over $1 trillion, is going to coal, gas and oil, according to the latest edition of the IEA’s annual World Energy Investment report.

In 2023, combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time.

“For every dollar going to fossil fuels today, almost two dollars are invested in clean energy,” said IEA Executive Director Fatih Birol.

“The rise in clean energy spending is underpinned by strong economics, by continued cost reductions and by considerations of energy security,” he added.

China is set to account for the largest share of clean energy investment in 2024, reaching an estimated $675 billion.

Europe and the United States follow, with clean energy investment of $370 billion and $315 billion respectively.

In 2024, investment in solar PV is set to grow to $500 billion as falling module prices spur new investments.

Global upstream oil and gas investment is expected to increase by 7% in 2024 to reach $570 billion, following a similar rise in 2023. The growth in spending in 2023 and 2024 is predominantly by national oil companies in the Middle East and Asia.

The report added that there are still major imbalances and shortfalls in energy investment flows in many parts of the world.