Solar power due to overtake oil production investment for first time, IEA says

[Sean Ewington]

Reuters[^]:

Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said on Thursday, with solar projects expected to outpace outlays on oil production for the first time.

"We could both buy a Cadillac Escalade, you spending $60k and myself spending close to $90k that doesnt specifically mean I have better features. It could mean I am bad at negotiating costs." You're both bad. You bought a Cadillac!

[obermd]

Fossil fuels are on their way out. There is a paradigm shift however, that some areas are ignoring while others are dealing with. Here's the shift: Fossil fuels: Energy is stored in the fuel and the fuel consumed, releasing the energy, when needed. Solar and Wind: Energy is created when the fuel is available. Created energy must be stored for later use when needed.

[Richard Andrew x64]

Solar and wind are capable of producing about 3% of our daily energy needs. What's going to replace fossil fuels?

The difficult we do right away... ...the impossible takes slightly longer.

[obermd]

Energy source transitions take time. We've been working to get off coal since the late 70s and coal is still 11% of the US energy generation. My post was to show that to take full advantage of solar and wind we need to invert our thinking about energy storage.