Investment in renewable energy sources is on course to reach $1.7tn (£1.37tn) this year, with more money being spent on funding solar energy sources than oil and gas for the first time, according to the latest report by the International Energy Agency (IEA). 

The agency's findings showed that investment in clean technologies – including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps – is expected to increase by 24 per cent since 2021. 

In contrast, investment in fossil fuels had risen 15 per cent in the same period.

“Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” said IEA executive director Fatih Birol. “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...