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Global investments in the energy transition reached a new record of 2.4 trillion in 2024 – a 20% increase from the average annual levels of 2022/23. About one-third was directed towards renewable energy technologies, pushing renewable energy investment to $807 billion.

This is according to a new report by the International Renewable Energy Agency (IRENA) and the Climate Policy Initiative (CPI). 

Despite this milestone, year-on-year growth of renewables slowed significantly, with annual investments increasing by 7.3% in 2024, compared to 32% the year before, IRENA said in a statement sent to Financial Nigeria.

Key findings in the report include 96% of renewable energy investments went to the power sector, continuing a long-term trend; global investment in solar PV hit a record of $554 billion in 2024, up by 49%; investment in renewable power, grids, and battery storage exceeded fossil fuels investment in 2024, though fossil spending is on the rise; and investment in energy transition technologies grew globally, but 90% remained concentrated in advanced economies and China, leaving emerging and developing countries behind.