Global renewable energy investment hit $807 billion
Summary
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.
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.
Related
-
FirstBank partners Azuri Technologies to expand access to solar power
Customers will be able pay for their solar photovoltaic system via FirstBank’s Firstmonie agents and mobile payment ...
-
Cost of new renewables rises as inflation starts to bite
Despite temporary cost rises for renewables, the gap to fossil fuel power generation continues to widen due to fuel and ...
-
Kenya Power signs 100MW power purchase agreement for wind energy
Under the agreement, Kipeto’s 100MW wind farm will sell clean, renewable energy at stable costs to Kenya Power.
Sustainable Development Section Sponsor
-
Access Bank Plc ...Financing the future
