In response to the International Energy Agency’s 2024 World Energy Investment report, Laurie van der Burg, Oil Change International Public Finance lead, said:
“While twice as much clean energy investment as fossil fuels investment expected for 2024 is encouraging, it’s still like filling a leaky bucket. Over $1 trillion is being flooded into fossil fuels, with oil and gas investment rising 7% from last year. We need to shift investments to renewable energy solutions, especially in developing countries where it’s needed most.
“It is also critical that this financing does not exacerbate already significant debt-stress for the countries most vulnerable to the climate crisis. Grants and highly concessional finance are needed for key projects such as 100% renewable-ready grids, universal affordable energy access, housing retrofits, electrified public transportation, and transition support for workers and communities.
“As countries meet at the Bonn Climate Conference this week, the new IEA report underscores the need for rich nations to present a meaningful climate finance offer by year’s end.”
