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Posts tagged as “Oil”

Clean Energy Investment Overtakes Fossil Fuels, Says IEA

In a groundbreaking development, the International Energy Agency (IEA) announced on Thursday that investment in clean energy is set to outpace spending on fossil fuels this year, marking a significant turning point in the global energy landscape. The IEA's World Energy Investment report revealed that annual investment in renewable energy has surged by nearly a quarter since 2021, compared to a 15% rise for fossil fuels. This shift is driven by the remarkable growth of solar projects, which are expected to surpass investments in oil production for the first time.

South Sudan’s Economic Ruin Looms as Sudan Conflict Threatens Oil Exports

As fighting in Sudan continues, neighboring South Sudan faces an economic crisis due to the potential threat the conflict poses to its main source of revenue – oil exports. With oil accounting for over 90 percent of the government budget and 70 percent of the GDP, any disruption to oil exports would be catastrophic for the already struggling economy, which is suffering from high inflation and a high risk of debt distress.

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