KarunaNews Story

Every cloud has a silver lining? There is one set of positive news related to the terrible war in Ukraine: according to the International Energy Agency, the Russian invasion of Ukraine has triggered a boom in clean energy investment, which is on track to reach $1.7 trillion (£1.4tn) this year. Heightened concerns about energy security, as well as other factors, like strong economic growth and volatile fossil fuel prices, have led investors to turn to renewables, electric vehicles, nuclear power, grids, storage and other low-carbon technologies. The agency, which is based in Paris, noted that clean energy investment has climbed steadily in recent years as governments and investors have sought to take advantage of the low cost of renewables such as wind and solar power and that there is a clear tendency in the investment trends to pull away from fossil fuels. Fatih Birol, the executive director of the IEA, is confident: “Clean energy is moving fast -- faster than many people realize.”