Summary:

With the world’s accelerating efforts in energy transition, global investments in renewable energy doubled from US$240 billion in 2013 to US$500 billion in 2022. The growth was mainly driven by a fourfold increase in offshore wind and a threefold rise in solar photovoltaic (PV), over the period. Solar PV and wind power were also the most attractive renewable sources for global investors, with a total of nearly US$3000 billion from 2013 to 2022, sixfold compared to the combined total for other renewables. Notably, solar PV accounted for 60% of the total investment in 2022.

Renewable energy investments were distributed unevenly across the globe. East Asia and Pacific, Europe and North America (excluding Mexico) were the top three investment destinations for renewable energy from 2013 to 2020. In contrast, Sub-Saharan Africa accounted for less than 3% of the global total over the same period. Investments in South Asia, East Asia and Pacific, and Eurasia increased most significantly between 2013-2020, while investments in Latin America, the Caribbean, and Sub-Saharan Africa declined by more than 30%.

Highlights:

1. Solar PV and wind power accounted for a rising share of global renewable energy investment, from 75% in 2013 to 95% in 2022. However, investments in geothermal, hydropower and biomass each decreased significantly by over 45%.

2. Investment flows to East Asia and the Pacific accounted for over 40% of the global renewable investments from 2013 to 2020, far ahead of the rest of the regions.

3. Investments in South Asia, East Asia and Pacific, and Eurasia increased sharply by 143%, 76% and 70%, respectively, from 2013 to 2020.

Article By HUANG, Yijia

Graphic By YAN, Bowen