Global New Energy Buy-In Hits Record

Global renewables investment 'reaches record high; Despite US$0.5 trillion investment, much more is needed states IRENA, Climate Policy Initiative report

February 22, 2023 (RENew Biz)

“Global investment in renewable energy reached a record high in 2022, according to a new report from IRENA and the Climate Policy Initiative…[But the world’s US$0.5 trillion investment is less than 40% of what is] needed each year between 2021 and 2030…[Decentralised and off-grid renewable solutions are also falling far short as] investments have become concentrated in specific technologies and uses…

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In 2020, solar photovoltaic alone attracted 43% of the total investment in renewables, followed by onshore and offshore wind at 35% and 12% shares, respectively…[M]ore funds need to flow to less mature technologies as well as to other sectors beyond electricity such as heating, cooling, and system integration…[Across countries and regions,] glaring disparities have increased significantly over the last six years…About 70% of the world’s population, mostly residing in developing and emerging countries, received only 15% of global investments in 2020…

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In 2021, investment per capita in Europe was 127 times that in Sub-Saharan Africa, and 179 times more in North America…[Public financing, lending, and financial flows from the Global North to the Global South and] to developing countries looking to deploy renewables must be reformed…” click here for more

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