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Deep diveENERGY

Solar + Storage Costs Continue Declining: Global Clean Energy Investment Exceeds Fossil Fuels for First Time

IEA report shows global clean energy investment reached $1.2 trillion in first half of 2027, surpassing fossil fuel investment for the first time, driven by continued declines in solar and storage costs.

The International Energy Agency's World Energy Investment report shows global clean energy investment reached $1.2 trillion in H1 2027, up 35% year-over-year, surpassing fossil fuel investment of $1.05 trillion for the first time.

Cost Decline as Key Driver

Continued declines in solar and energy storage costs are the core driver of the clean energy investment boom:

  • Solar modules: Global average price dropped to $0.08/watt, down 70% from 2020
  • Lithium battery packs: Price dropped to $80/kWh, significantly improving energy storage economics
  • Offshore wind: Levelized cost of electricity now competitive with natural gas power generation

Investment Hotspots

China remains the world's largest clean energy investor, with H1 investment reaching $580 billion. The EU follows closely, while the US leads globally in clean energy investment growth driven by the Inflation Reduction Act.

Fossil Fuels' Fate

Despite clean energy investment exceeding fossil fuels, oil and natural gas exploration investment has not significantly decreased. The IEA notes this could keep global fossil fuel supply adequate through 2030, creating a contradiction with climate goals.