#Part4CM Part of the activities under the Romania-Ukraine Partnership for Climate Change Mitigation project is to distribute information to encourage the transition to renewable energy sources, inclu

The prospects of using solar energy are evidenced by the fact that investments in solar energy will exceed oil investments for the first time in 2023 and reach a record $1.7 trillion. A new report from the International Energy Agency (IEA) has revealed that in 2023, investment in solar energy will exceed oil production for the first time.

While this shows the scale and speed of the green transition, total investment in fossil fuels is still too significant to limit global warming to 1.5℃. According to the IEA, in 2023, a record more than $1.7 trillion will be invested in various green energy technologies, an increase of 24%, while fossil fuels will be invested about $1 trillion (15%).

Over the past decade, there was a surge in investment in solar energy, while oil production costs fell. It is noted that the growth in spending on green energy is due to the development of technologies, in particular solar power plants and electric vehicles. These industries are key to reducing dependence on oil, coal and natural gas, which are the main causes of carbon emissions and drivers of climate change.

The IEA said that despite these trends, the level of annual investment will need to be doubled by 2030 to have a chance to limit global warming to 1.5C. After all, investments in fossil fuels still reached their highest level since the pre-pandemic period. The RO-UA Partnership for Climate Change Mitigation project is funded by the European Union through the European Neighborhood Instrument and co-financed by the countries participating in the ENI CBC Romania-Ukraine 2014-2020 Program.