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Clean energy investment reaches $2 trillion in 2024 with persistent disparities

Clean Energy

Clean energy investment 2 trillion 2024

Global energy investment is projected to surpass $3 trillion in 2024, with $2 trillion allocated for clean energy technologies and infrastructure.

Thanks to developments in renewable electricity, storage, and grid technology, clean energy investments have surged dramatically since 2020. Compared to coal, gas, and oil, spending on renewable energy is currently trending higher.

By 2024, investments in solar photovoltaic technology are expected to surpass $500 billion, surpassing all other power generation sources.

Investing in grids and storage has increased dramatically as a result of enhancements to infrastructure and the incorporation of renewables. Grid investment is expected to increase to $400 billion by 2024, compared to the consistent $300 billion per year from 2015 to present. This growth is expected to be driven by new funding and policy initiatives in parts of Latin America, China, the United States, and Europe.

Clean energy investment has nearly doubled compared to fossil fuels. However, there are still significant disparities, especially in emerging markets and developing economies (EMDE) outside of China. These EMDEs account for only 15% of global clean energy spending.

Eighty percent of global grid investment goes toward China and advanced economies, underscoring the need for further investment in other regions. It is anticipated that more than $50 billion will have been invested in battery storage by 2024.

The IEA says that to achieve the ambitious goals set at COP28 and ensure a safe and affordable shift from fossil fuels, it's urgent to rebalance investments.

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