Investment in clean energy technologies is set to strike a record this year despite global economic uncertainty, double the spending on fossil fuels that will dip for the first time since 2020, the International Energy Agency said recently.
While the Trump administration has been hostile to renewable energy sources and trumpets boosting oil production, the IEA said security concerns as well as rising demand for electricity -- including from artificial intelligence and data centers -- is driving investment in clean energy sources.
"Amid the geopolitical and economic uncertainties that are clouding the outlook for the energy world, we see energy security coming through as a key driver of the growth in global investment this year to a record $3.3 trillion as countries and companies seek to insulate themselves from a wide range of risks," Executive Director Fatih Birol said as the IEA published its latest annual World Energy Investment report.
It expects investment in clean technologies, including nuclear and electricity distribution grids, to hit a record $2.2 trillion this year.
