In 2024, global investment in renewable energy will surpass the $3 trillion mark for the first time, with $2 trillion directed towards clean energy technologies and infrastructure. Since 2020, investments in clean energy have increased significantly, and spending on renewable energy, grids, and storage now exceeds total spending on oil, gas, and coal.

However, much more needs to be done. In most cases, this growth stems from a very low base, and many of the least developed economies are being left behind, with some facing acute problems servicing high levels of debt. In 2024, the share of global clean energy investment outside China is expected to remain around 15% of the total. Both in terms of volume and share, this is far below the amounts required to ensure full access to modern energy and meet rising energy demand in a sustainable way.

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