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IEA: Renewables investment outpaces oil for first time

THE International Energy Agency said in its latest energy investment report that more than US$1.7 trillion of around US$2.8 trillion of energy spend would go to clean technology, such as renewables, storage and low-emissions fuels in 2023. According to the report, annual clean energy investment is expected to climb by 24% between 2021-23, compared with a 15% rise in fossil fuel investment during the same period. IEA also finds that upstream oil and gas investment would grow 7% this year.