Govt Plans To Reduce Energy Tariffs Up To Rs12 Per Unit by March 2025!
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Solar investment transcends fossil fuels for the first time in 2023, with a 25% increase compared to 2021. IEA reports highlighted the global investment in a recent conference.
The International Energy Agency, IEA recently remarked that investments in clean energy overtake fossil fuel for the first time this year.
The investment in solar energy in 2023 is expected to hit $382 billion, while for fossil fuel, the investment is $371 billion.
China, along with other advanced economies, is investing in green energy. Up to 90% of the investment is from China and a few developed countries.
Since 2021, the annual investment in RE is up by a quarter.
However, IEA warned about the 15% rise in investment in fossil fuels.
The world is transitioning towards renewable energy, and such a rise in fossil fuel investment is a red flag for a sustainable future.
IEA Executive Director Fatih Birol said, "Clean energy is moving faster than many people realize.”
He also exclaimed, "For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one."
The world’s overall energy investment is about $2.8 trillion for 2023, from which $1.7 trillion is expected to go to clean and renewable energy, nuclear power, EVs, and efficiency improvements.
Around $1 trillion in energy investment will go to fossil fuels, including oil, natural gas, and coal.
IEA highlighted the goal of net zero, which was aimed to reach by 2050. Considering the increasing investment in fossil energy, the agency said it would be difficult to omit the carbon footprint by mid-century 2050.
IEA added, “Investment in new fossil fuel supply will rise 6% in 2023 to $950 billion.”
Compared to energy investment in 2021, solar energy investment will rise to 25%, whereas fossil fuel investment will rise to 15%.
Also Read: The End of Fossil Age or A Beginning to Green Era? Renewable Energy Insights
Chairman Pakistan Tehreek-e-Insaf Imran Khan and Chief Minister Punjab Chaudhry Parvez Elahi held a detailed meeting at the Chief Minister's Office on Monday to discuss the current political situation, development schemes, and solutions to people's proble
Punjab Chief Minister Maryam Nawaz Sharif has launched an ambitious project under the Kissan Package to shift the fuel and electricity operated tube well to solar energy.
The FBR collects around Rs 800 billion per year through electricity bills at the moment, Still, the Power Division hopes to cut it to Rs 300 billion for the sake of making electricity cheaper.
The rising endorsement of solar panels in Pakistan, driven by provincial government programs and increasing energy expenses, is fostering concern over policymakers.
Recent visit of Punjab Chief Minister Maryam Nawaz to China has been regarded as a success where over Rs. 13 billion ( around $50) investments for Punjab have been envisioned, According to Express News.