Solar investment outshines oil: IEA

Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the IEA said in a report Thursday. "Clean energy is moving fast –- faster than many people realise," IEA Executive Director Fatih Birol said in a statement accompanying the release of the agency's latest report on energy investment. "One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time," Birol said. The IEA expects investment in solar power, essentially photovoltaic panels, to hit $380 billion this year, while investment in oil exploration and extraction should come in at $370 billion. The IEA also noted that clean energy investment was concentrated in advanced nations and China, while the biggest increases in fossil fuel investment are in Middle Eastern nations.