For the first time, more money is going into solar power than oil

CBS NEWS 

The upheaval in oil and gas markets started by Russia’s war in Ukraine is helping fuel a clean-energy boom as countries scramble to secure their power supply. 

One notable record: Investment in solar outpaced that in oil for the first time last year, according to the International Energy Agency, which released a report recently on global energy investment.

But the world is still investing far too much in fossil fuels, the Paris-based group warned. Investment in that sector is currently double the maximum amount that would be allowed if nations are to meet their stated pledges to reduce emissions, the IEA said. 

A growing gap

Since 2018, far more funding has been put into clean-energy development than into fossil fuels, and the gap continues to grow. Last year saw a record $2.8 trillion invested globally into energy sector, of which more than $1.7 trillion is dedicated to clean energy…