Solar power is expected to overtake oil production investment for the first time in 2023. Around $2.8 trillion is set to be invested in energy worldwide, of which more than $1.7 trillion is expected to go to renewables, nuclear power, electric vehicles, and efficiency improvements. The rest, or around $1 trillion, will go to oil, gas and coal. In 2023, solar power spending is due to hit more than $382 billion for the year, while investment in oil production will stand at $371 billion.
The irony remains that some of the sunniest places in the world have the lowest levels of solar investment.