Global investment in clean energy is on track to double fossil fuel spending this year, The Wall Street Journal reports.

The total global energy investment is forecast to rise 2% year over year to $3.3 trillion, according to the International Energy Agency. Of that, around $2.2 trillion will go to renewable and nuclear energy, energy storage, low-emission fuels, efficiency and electrification, doubling the amount going to oil, natural gas and coal. Solar energy is expected to lead the surge, generating $450 billion, driven by declining costs and growing demand in emerging markets. Chinese solar exports to developing nations surpassed those to advanced economies earlier this year, with Pakistan importing approximately 19 gigawatts, nearly half of its grid-connected capacity.

China continues to dominate energy investment, matching the combined spending of the U.S. and EU. Nuclear investment has also grown, increasing by 50% in five years, with spending in 2025 projected to exceed $70 billion globally as small modular reactors gain momentum. Oil investment is expected to decline for the first time in a decade (excluding 2020), amid economic uncertainty and weak demand.

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