2023-05-25 16:51:38
The message is rather optimistic. “For every dollar invested in fossil fuels, approximately $1.7 is now invested in clean energy. Five years ago, this ratio was one to one. In 2023, investments in solar energy will even exceed those devoted to oil production for the first time. »
This is the shock announcement made Thursday, May 25, by Fatih Birol, director of the International Energy Agency (IEA), during the presentation of the report on investments in the sector.
$1.7 trillion for clean energy technologies
In total, 1,700 billion dollars (1,560 billion euros) will be devoted this year to clean energy technologies (renewable, nuclear hydrogen, networks, storage, synthetic fuels or electric vehicles), against 1,000 billion of dollars (930 billion euros) in fossil fuels (oil, gas and coal).
“Clean energy is moving fast, faster than many people think», assures the boss of the AIE, whose headquarters are in Paris. Solar energy, in particular, has become the new “star” sector, says the report. In all, 380 billion dollars (355 billion euros) will be invested there, against 370 billion dollars (345 billion euros) in oil exploration and extraction.
The price of solar electricity jumped 20% in Europe last year
In China, for example, photovoltaic capacities increased by 100 GW in 2022, i.e. 70% more than in 2021. In Europe, India and Brazil, they increased by 40%, despite supply difficulties , with a 20% increase in the price of modules, and the rise in interest rates which are tightening the financial conditions of projects. On average, the price of solar electricity rose by 30% in Europe last year.
Another good news for the climate, investments in nuclear energy are increasing, note the experts of the IEA. On the other hand, they are falling significantly in hydroelectricity, the only renewable energy that is not intermittent. One of the reasons for this is the decline of projects in China and India, which are often environmentally disputed.
Rising prices boost investment in hydrocarbons
The IEA also warns against over-optimism. Expenditure on exploration and exploitation of gas and oil is expected to grow by 7% in 2023, returning to its 2019 level. It is boosted by price increases, which alone have generated some 4,000 billion additional dollars.
The increase in investments in hydrocarbons will be mainly due to national oil companies, particularly those in the Middle East, rather than the Western majors. In the Persian Gulf, the amounts spent on the development of new facilities will even be higher than before the pandemic. This is the case of Saudi Aramco (Saudi Arabia) or Adnoc (United Arab Emirates). In Malaysia, Petronas plans to spend 40% more between 2023 and 2027 than the previous five years.
In the United States, the volumes invested have not returned to their 2019 levels. This is linked both to the problems of labor shortage, in particular in shale gas, but also to more cautious of companies, which prefer to return profits to shareholders.
Coal, in the name of energy security
On the other hand, in coal, the source of energy emitting the most carbon dioxide, there are no signs of a decline. This is the most worrying. “Investment is expected to increase by 10% in 2023 when it is already well above pre-pandemic levels”notes the IEA.
Last year, 40 GW of new capacities were put on the market, of which the “almost all” in China. With coal, states seek first to ensure their energy security, the report says, given the tensions in the electricity market.
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