A new report from the International Energy Association shows that, for the first time, investment in solar across the world is higher than investment in oil production. The report highlights the volatility in fossil fuel prices and concerns about energy security created by the Russian invasion of Ukraine as factors driving increased investment in renewable energy.
The Guardian provides a great summary of the report. The IEA describes it as a symbolic moment in the transition to renewable energy. Another symbolic moment, for the UK at least, came with the news that wind turbines generated more electricity than gas-fired power plants in the UK in the first three months of 2023. For the first time.
The BBC has a good write up of the details including confirmation from National Grid that April was a record month for solar energy in the UK as well. With the UK Government setting a target of a five fold increase in solar generation by 2035, to achieve its target of an emissions free electricity network, we’re looking forward to seeing more renewable energy records broken over the coming years.