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World Energy Investment Report 2023

2023 MAY 31

Preliminary   > Economic Development   >   Indian Economy and Issues   >   Reports and indices

Why in news?

  • The International Energy Agency has released the World Energy Investment Report 2023.

World Energy Investment Report 2023:

  • The IEA World Energy Investment (WEI) report is the global benchmark for tracking investment trends across the energy world.
  • The report examine how the economic recovery from the Covid-19 pandemic and the response to the global energy crisis have affected energy investment worldwide. It also look at how investment trends in clean energy compare with those in fossil fuels, as well as the geographic distribution of these investments.
  • The report includes new analysis on diversification efforts by some countries to replace reduced gas supplies from Russia.
  • It also assess what levels of investment are needed to put the world on track for stabilising the rise in global temperatures at 1.5 °C.

Key findings:

  • Investments in clean energy have surpassed investments in fossil fuels by 70% with the transition mainly fuelled by Electric Vehicles (EVs) and renewable power
  • Clean energy investments concentrated in advanced economies:
    • Over 90% of the surge in clean energy investment since 2021 has been concentrated in advanced economies and China.

Add ons:

  • International Energy Agency (IEA) also releases World Energy Outlook an annual publication widely recognized as the most authoritative source for global energy projections and analysis

PRACTICE QUESTION:

World Energy Investment Report 2023 is published by:

(a) International Energy Agency (IEA)

(b) World Bank

(c) IMF

(d) International Renewable Energy Agency

Answer