Global Renewable Energy Investment Soars to $3.1 Trillion by 2024
Key Ideas
- Renewable energy investment is projected to grow by 29% globally, reaching $3.1 trillion in 2024 from $2.4 trillion in 2018, led by the solar segment.
- Asia Pacific (APAC) emerges as the top investing region, with solar accounting for 59% of total renewable energy investments, driven by lower costs.
- Global solar capacity has seen remarkable growth, reaching 1,418.97 GW in 2023, with projections to reach 7,203 GW by 2030, creating 7.1 million jobs in the sector.
- Advancements in solar technology are improving efficiency and affordability, while green hydrogen is highlighted as a decarbonisation solution for industries reliant on fossil fuels in Africa.
The Ministry of New and Renewable Energy (MNRE) reported a significant rise in global renewable energy investment, estimated to increase by 29% to $3.1 trillion by 2024 from $2.4 trillion in 2018. The solar segment leads this growth, accounting for 59% of total investments, with Asia Pacific (APAC) identified as the top investing region due to lower costs. The World Solar Market Report presented at the International Solar Alliance assembly in New Delhi showcased the exponential growth in solar capacity, reaching 1,418.97 GW in 2023, with estimates to hit 7,203 GW by 2030 and creating 7.1 million jobs. The report also emphasized advancements in solar technology, enhancing sustainability and affordability. Additionally, the Green Hydrogen Readiness Assessment for African Countries highlighted the potential of green hydrogen in decarbonising industries like steel and fertiliser production, offering a cleaner energy alternative to coal, oil, and gas, thereby supporting Africa's transition to sustainable energy.