The transition to cleaner energy is happening faster than people may realize.
According to the latest report of the International Energy Agency (IAE), investment in clean energy technologies is significantly outpacing spending on fossil fuels.
“For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.” said IEA Executive Director Fatih Birol.
While it is important to acknowledge this historical milestone, it is also crucial to look beneath the surface of this announcement.
Despite banking unprecedented profits from the 2022 energy crisis, oil and gas companies are still showing little sign of leadership when it comes to investing in the transition towards clean energy.
Less than half of the excess cash flow is going back into traditional supply with only a whopping tiny fraction of 5% to clean technologies.
Environment and human rights NGO Global Witness underscores this lack of substantial action toward energy transition by fossil fuel companies.
A massive 95% of investments continue to fund conventional oil and gas extraction, while a substantial portion of these profits potentially goes to shareholder dividends or stock buybacks, rather than fostering green innovation.
To help drive change, share your insights about clean energy investment and your concern over fossil fuel companies' lack of commitment.
The more people know, the more pressure we can put on big oil companies to change.