Clean energy investment surges to $3trn

Global energy investment surpassed the $3 trillion mark for the first time in 2024, driven by a significant rise in renewable and clean energy technologies. This milestone, announced by Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), reflects a shift in global energy priorities.

Speaking at the licensing round commercial bid conference in Lagos, Komolafe highlighted that investment in clean energy has doubled that of fossil fuels. He noted, “Rising investments in clean energy technologies and infrastructure have pushed overall energy investment above $3tn for the first time in 2024.”

Despite the surge in renewables, Komolafe emphasized that fossil fuels will remain critical to the global energy mix for decades. Citing projections by the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), he revealed that oil and gas are expected to account for over half of the global energy supply by 2050. Population growth, urbanization, and economic expansion in developing regions, including Africa, will drive this sustained demand.

Natural gas, in particular, was spotlighted as a transition fuel for regions where energy access and affordability are critical. Komolafe stressed the need for Nigeria to position itself strategically to harness its vast oil and gas reserves amid shifting global energy demands and the growing advocacy for renewable energy.

He stated that while the global push for renewables intensifies, Nigeria must ensure it balances its resources to meet domestic energy needs and maximize its economic potential in the oil and gas sector.

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