---
title: Global solar investment overtakes fossil fuels for first time
description: Global investment in clean energy will extend its lead over spending on fossil fuels in 2023, with solar projects expected to outpace outlays on oil production for the first time.
---
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# Global solar investment overtakes fossil fuels for first time
Friday, 26 May 2023
Global investment in clean energy will extend its lead over spending on fossil fuels in 2023, with solar projects expected to outpace outlays on oil production for the first time.
Scientists have discovered more than 5,000 new species living on the seabed in the Clarion-Clipperton Zone of the Pacific Ocean. Spanning 1.7 million square miles between Hawaii and Mexico, the untouched biodiversity hotspot has been earmarked for deep-sea mining.
And automakers, including Toyota and Volkswagen, should decarbonise their steel supply and cut back on the material's consumption by reducing the size of vehicle models, says Greenpeace.
Top Stories:
[Global solar power investment set to overtake oil spending for first time, International Energy Agency says](https://app.meltwater.com/mwTransition?url=https%3A%2F%2Fwww.abc.net.au%2Fnews%2F2023-05-25%2Fclean-energy-investments-outpace-fossil-fuel-spending%2F102395072&urlCategories=newsLtd&analytics=false&documentId=k9toBszk8HvwWV0sVjehd0Gdk3Y&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6Ind3dy5hYmMubmV0LmF1In0.G6KfJQf9DTg3BPfDRnL8aNk-KGOfbZc12czKSTcqj9BstN0qGFyj-TGroGNT_097qH1_WRMtfq5v4vGs7BrXgQ)
The International Energy Agency (IEA) said in it's World Energy Investment report annual investment in renewable energy was up by nearly one-quarter since 2021 compared to a 15 per cent rise for fossil fuels.
[More than 5,000 new species discovered in Pacific deep-sea mining hotspot](https://www.theguardian.com/environment/2023/may/25/more-than-5000-new-species-discovered-in-pacific-deep-sea-mining-hotspot)
A wealth of biodiversity has been found in the Clarion-Clipperton Zone, an area earmarked for exploitation by mineral firms
[Despite promises, automakers lack 'concrete actions' to decarbonise steel - Greenpeace](https://www.reuters.com/sustainability/despite-promises-automakers-lack-concrete-actions-decarbonise-steel-greenpeace-2023-05-24/)
As a transition to battery-powered cars brings down the amount of greenhouse gases that are released during the usage of a vehicle, a growing share of emissions in the automotive life-cycle will come from materials, the organisation said.
[Poorer customers facing worse than 25 per cent price hikes without more energy transition help](https://app.meltwater.com/mwTransition?url=https%3A%2F%2Fwww.abc.net.au%2Fnews%2F2023-05-26%2Fpower-price-hikes-hit-poor-hardest-analysis%2F102392678&urlCategories=newsLtd&analytics=false&documentId=jSUWFkdTZWesOh4aI5zmHn3I80o&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6Ind3dy5hYmMubmV0LmF1In0.G6KfJQf9DTg3BPfDRnL8aNk-KGOfbZc12czKSTcqj9BstN0qGFyj-TGroGNT_097qH1_WRMtfq5v4vGs7BrXgQ)
Keeping the lights on is about to become more challenging for renters and low-income households without solar panels, with a bill hike of more than 20 per cent unlikely to be welcome news.
[The 'half-way house' trying to save 'incredible little wallaby' from extinction](https://www.abc.net.au/news/2023-05-26/endangered-brush-tailed-rock-wallaby-focus-of-breeding-program/102383504)
A breeding program to safeguard the future of the brush-tailed rock wallaby is expanding. Conservationists say it's like creating a safe "half-way house" for the endangered species.
[Laws targeting protesters are being rushed through state parliaments. But they are often poorly designed and sometimes, unconstitutional](https://app.meltwater.com/mwTransition?url=https%3A%2F%2Fau.news.yahoo.com%2Flaws-targeting-protesters-being-rushed-201031122.html&urlCategories=newsLtd&analytics=false&documentId=bOGaUU6qMReX-9vkXitiavEHxRA&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6ImF1Lm5ld3MueWFob28uY29tIn0.KBqWhace6cXts2jpM3KPTdbTZRgfZrAHswZTS14QPgcnR6MabVxvsPDBrSjQ_YsGO_sbyl2Z5IymY2oPJNEA2w)
Across Australia, climate activists are testing the limits of what counts as lawful protest, in addition to the patience of commuters as their actions shut down roads or disrupt businesses. Authorities are responding with new police powers and increasingly harsh new penalties.
[1.3m tonnes of nuclear wastewater could end up in the Pacific. Japanese experts insist it's good enough to drink](https://www.abc.net.au/news/2023-05-26/treated-fukushima-water-to-flow-into-pacific-oaten/102380592)
Operators of the Fukushima nuclear power plant are set to release treated wastewater into the ocean. But already Japanese authorities are facing a barrage of criticism from fishermen.
[$22 million settlement for PFAS contamination in Wreck Bay Aboriginal community](https://www.abc.net.au/news/2023-05-25/wreck-bay-pfas-compensation/102390538)
The federal government has reached a $22 million settlement over PFAS contamination relating to the community's ability to live on or conduct cultural activities on its land.
[Rare pygmy blue whale spotted off east coast](https://www.abc.net.au/news/2023-05-25/rare-pygmy-blue-whale-spotted-terrigal-nsw-central-coast/102390238)
A drone operator on the NSW Central Coast captures footage of a rare pygmy blue whale close to the shore at Terrigal.
[Volvo signs major wind power deal as it phases out fossil fuel use](https://app.meltwater.com/mwTransition?url=https%3A%2F%2Fthedriven.io%2F2023%2F05%2F25%2Fvolvo-signs-major-wind-power-deal-as-it-phases-out-fossil-fuel-use%2F&urlCategories=newsLtd&analytics=false&documentId=di1_lVlPERhv-PlEMZuz-NrgddQ&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6InRoZWRyaXZlbi5pbyJ9.UVzSyur9hj-AnARA1N9JCvfU48Yc-y0iuVoNoCRU7wphGxaGZLVA_CqIHNhumXS-3Js4P0PJQEq7GdUM40JeTA)
Swedish truck giant Volvo Group has signed a major new wind supply deal as part of its plans to phase out the use of fossil fuels and to switch its truck and bus offering to be fully electric or at least zero emissions.
[climate change](https://blog.greenpeace.org.au/the-canopy/tag/climate-change), [Pacific](https://blog.greenpeace.org.au/the-canopy/tag/pacific), [Electric vehicles](https://blog.greenpeace.org.au/the-canopy/tag/electric-vehicles), [Oil](https://blog.greenpeace.org.au/the-canopy/tag/oil), [fossil fuel](https://blog.greenpeace.org.au/the-canopy/tag/fossil-fuel), [renewables](https://blog.greenpeace.org.au/the-canopy/tag/renewables), [Biodiversity](https://blog.greenpeace.org.au/the-canopy/tag/biodiversity), [deep sea mining](https://blog.greenpeace.org.au/the-canopy/tag/deep-sea-mining)
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