Investments in solar energy are expected to surpass investments in the oil sector by 2023



AA / Paris / Mohammad Farid Mahmoud Abdullah

The International Energy Agency (IEA) has announced that the volume of global investment in solar energy sources is expected to exceed investment in the oil sector for the first time in 2023.

In its annual report released on Thursday, the IEA said its “estimates for solar energy investment this year will exceed $380 billion, or $1.05 billion per day.”

The report comes days after OPEC members criticized the IEA for providing misleading information that confused the global energy market.

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, told the Qatar Economic Forum on Tuesday that the International Energy Agency has proven that it has a special talent, which is “persistently wrong”.

According to the agency’s report published today, “the volume of global investments in traditional sources of energy, primarily oil, is expected to reach 370 billion dollars this year.”

Last month, OPEC Secretary General Haitham al-Ghais urged the International Energy Agency to exercise extreme caution amid further efforts to undermine investment in the oil industry.

Source: AA

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