RENEWABLES 2024
GLOBAL STATUS REPORT

Global Overview

2024

Investment and Finance

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Global investment in renewable power and fuels reached a new record high in 2023 of USD 622.5 billion. This was achieved despite high interest rates (outside of China) and challenging market conditions worldwide. The ongoing increase in investment has resulted from alignment between climate change policy ambition, energy security goals and industrial strategies as well as actions in response to the global energy crisis and ongoing recovery from the COVID-19 pandemic.

623
billion USD global new investment in renewable powerand fuels in 2023
x2.36
annual investment increase required from 2024 to 2030 to meet the BNEF Net Zero Scenario
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43%
of mitigation finance was allocated to renewable energy in 2022

KEY FACTS

In 2023, global investment in renewable power and fuels increased 8.1%, to reach USD 622.5 billion.

In 2022, the cost of capital for onshore wind in low-income countries was 6.5 percentage points higher than in high income countries.

The private sector is increasingly becoming a channel for implementing development finance projects for renewable energy.

Issuance of green bonds rebounded in 2023 following a decline in 2022 related to geopolitical tensions.

Estimates of the annual investment in renewable power needed by 2030 to achieve the Paris Agreement goals are in the range of USD 1,300 billion to USD 1,350 billion.

Energy System Investment

Global investment in renewable power and fuels i increased 8.1% in 2023 to reach USD 622.5 billion. 250 (See Renewables in Energy Supply Module.) This represented a new global high and was achieved despite high interest rates (outside of China) and challenging market conditions worldwide. Renewable energy projects are harder to finance when interest rates are high because investors must rely more on expensive equity, potentially decreasing their return on a given project. 251 Higher input costs for key raw materials including critical minerals further complicated the investment environment. 252 However, cost pressures along supply chains started to ease during the year, particularly in key regions such as China, Europe and the United States. 253

The increase in renewable energy investment in the last few years has been in response to the global energy crisis and the ongoing recovery from the COVID-19 pandemic, and as a result of an alignment between climate policy ambition, energy security goals and industrial strategies. 254

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Global investment in renewable power and fuels reached an all-time high in 2023 despite high interest rates and challenging market conditions worldwide.

In the developing world, costs of capital remain higher than in developed economies, impeding financing for renewable energy projects. 255 (See Figure 6.) Costs of capital tend to be higher in developing countries because of concerns about the rule of law and about currency fluctuations and convertibility, among others. 256 As a consequence, public finance (including from development finance institutions) accounts for around half of the financing for clean energy projects in developing and emerging economies, whereas in developed countries this share is closer one-fifth. 257 (See Sidebar 2.)

FIGURE 6.Weighted Average Cost of Capital for Onshore Wind Power and Solar PV, by Country Income Level, 2022

FIGURE 6.

Note: The weighted average cost of capital (WACC) is the average rate a business pays to finance its assets. It is calculated based on the cost of debt and equity. The country division is based on the World Bank country classifications by income (Fiscal Year 2024). Each income bracket includes the countries for which data are available in the IRENA database

Source: IRENA. See endnote 255 for this module.

Shifting Frameworks for Investment in Renewable Energy

Investors wishing to address climate change and support renewables are increasingly turning to “sustainable finance” options as they consider growing regulatory requirements, risk management imperatives, and/or changes in demand and asset allocation strategies. Three frameworks are increasingly relevant for renewable energy finance and investment: 1) the development of sustainable finance taxonomies at the national and regional levels to provide information on the environmental and/or social performance of enterprises and financial products; 2) green bonds, the proceeds of which may go to renewable energy; and 3) systems rating the performance of enterprises according to environmental, social and governance (ESG) criteria to help assess the suitability of a company, activity or fund for investment. 258

Sustainable Finance Taxonomies

Sustainable finance taxonomies provide a classification of economic activities with the aim of clarifying which investments and/or activities may be defined as sustainable or “green”. 259 Such taxonomies can be relevant for renewables in two main ways: 1) for companies producing or manufacturing renewable energy technologies; and 2) for the owners or operators of renewable energy assets (such as a utility that operates a wind farm as part of its broader portfolio). 260 For example, renewables-related economic activities may be coded “green”, fossil fuel-based activities that adhere to certain standards may be coded “yellow/amber”, and other activities may be coded “red”, similar to traffic light systems. 261

The number of sustainable finance taxonomies in place or under development has increased rapidlysince 2015.

The number of sustainable finance taxonomies in use or under development has increased rapidly since the Paris Agreement was signed in 2015. 262 (See Figure 10.) This trend continued in 2023, with several announcements related to new or developing taxonomies. In the United Arab Emirates, the Abu Dhabi Global Market began implementing its sustainable finance regulation. 263 In Latin America, Argentina published a Roadmap for a National Strategy of Sustainable Finance, which includes the development of a taxonomy. 264 Mexico published its Sustainable Taxonomy in March and announced plans to implement a test programme and make regular updates, while in Panama the Taxonomy Oversight Committee began drafting a taxonomy. 265 In Asia, the Monetary Authority of Singapore officially launched the Singapore-Asia Taxonomy, and Thailand launched Phase 1 of its Taxonomy, which covers the energy and transport sectors. 266

FIGURE 10. Sustainable Finance Taxonomies in Countries Worldwide, in Place and Under Development,2023

FIGURE 10.

Source: REN21. See endnote 262 for this module.

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Creating a harmonised taxonomy across jurisdictions can be challenging due to the vested interests in each country's definitions. 267 Although a global, harmonised sustainable finance taxonomy is not yet on the table, several regional initiatives are under way that aim to achieve comparability and interoperability. 268 In 2021, China and the EU published a Common Ground Taxonomy (CGT) through a working group of the International Platform on Sustainable Finance, identifying commonalities and differences in their respective approaches. 269 The EU has continued working individually, approving a new set of criteria for its Taxonomy in 2023. 270 The Association of Southeast Asian Nations (ASEAN) released the second version of its joint taxonomy during the year, classifying economic activities based on their grade of alignment and establishing a framework within which member states can develop national taxonomies. 271 For Latin America and the Caribbean, a common framework of sustainable finance taxonomies was published as a guiding document in the region. 272

In some situations, sustainable finance taxonomies have the potential to divert or discourage investment in renewable energy when its relative cost of capital is higher. This can occur, for example, if the taxonomies allow companies to be labelled as aligned with particular taxonomy categories (e.g., having a certain threshold of greenhouse gas emissions for fossil fuel-based power production), when in fact the category has not been defined to accurately reflect scientific requirements (e.g., to reach substantial emission reduction requirements that align with the temperature goals of the Paris Agreement). 273 In this way, investment could end up being channelled away from companies or projects that more fully support renewable energy deployment. 274

Green Bonds

Although various instruments are available to finance renewable energy projects, green bonds have become especially prominent in recent years. 275 Green bonds differ from traditional bonds in that the proceeds are earmarked for qualifying investments in renewable technologies or in various forms of climate adaptation and mitigation. Investors obtain a certain interest rate over a stipulated time period, and the funds must be used for the purposes for which the bond was issued. This provides investors with greater visibility over the actual use of the funds than is the case for traditional bonds.

Issuance of green bonds rebounded in 2023, led by Europe and China.

Issuance of green bonds rebounded in 2023 following a decline in 2022 related to geopolitical tensions (such as the Russian Federation's invasion of Ukraine) and inflation challenges across major economies. 276 A total of USD 575 billion in green bonds was issued in 2023, surpassing the high of USD 573 billion in 2021. 277

Europe remained the largest regional issuer, with around half of the green bond supply. 278 In late 2023, the EU approved new voluntary standards for companies wishing to issue green bonds, addressing transparency challenges and helping investors avoid greenwashing claims. 279 The Italian government facilitated the largest individual green bond sale of the year, at USD 10.8 billion (EUR 10 billion). 280

China remained the top green bond issuing country globally. 281 In July 2022, China published its Green Bond Principles to harmonise domestic and international definitions, and it ultimately required 100% of proceeds to go to green projects (up from the 50–70% previously stipulated). 282 Green bond sales also increased in Japan and Hong Kong. 283 In the United States, corporations scaled back their issuance of green bonds in 2023, reflecting higher interest rates as well as emerging political resistance to sustainable investment strategies. 284

ESG

Environmental, social and governance (ESG) criteria has shifted from being a niche focus to becoming a component of mainstream finance in many OECD member countries. 285 Challenged by the macroeconomic environment, global net inflows of investment in ESG funds continued to fall in 2023, reaching around USD 63 billion (down from USD 89 billion in 2022 and USD 405 billion in 2021). 286

Europe remained the world's largest ESG fund market, although subscriptions in 2023 were much lower than in past years due to high interest rates, which led investors in the region to favour government bonds. 287 This was coupled with concerns about greenwashing and the evolving regulatory environment. 288 In June 2023, the European Commission proposed new rules for ESG rating providers, ultimately aimed at improving reliability and transparency. 289 The European Council and Parliament reached provisional agreements on this proposal in early 2024. 290

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In the United States, the Securities and Exchange Commission (SEC) proposed rule changes in 2023 that require new disclosures for ESG funds; the SEC also hosts an enforcement division that penalises any ESG-related misconduct. 291 ESG continued to be highly politicised in the country, with many US states introducing “anti-ESG” legislation that, for example, redirects state funds away from large asset managers with ESG priorities. 292 These bills expanded in both scope and reach, albeit with mixed success. 293 The politicisation has negatively affected the demand for ESG funds in the country. 294

Following an announcement in early 2024 that the bank JP Morgan would be leaving the Climate Action 100+ investing group, a debate continued on the backlash to ESG investing and whether it has prompted high-profile firms to downplay or even disguise their sustainability efforts. 295 At the same time, many institutions worldwide are opting to “divest” their assets from fossil fuel companies and others investments that are not aligned with the goals of the Paris Agreement. 296 (See Box 1.)

In Asia, assets in ESG funds in China were down for the year, with some investors concerned about regulatory risks and others about definitions, which vary from European standards. 297 China released new ESG disclosure rules in early 2024 for its biggest companies to help reduce greenwashing risk. 298

Elsewhere in the region, Chinese Taipei was a top performer, with its ESG fund assets surging nearly 50% during 2023, helped by the performance of the local market and the country's technology sector. 299

In the ESG realm, developing economies tend to be at a disadvantage because of systematically lower ESG scores and low investment allocations from ESG funds. 300

BOX 1. Divestment from Fossil Fuels

Since 2011, institutions worldwide have increasingly divested from, or sold off their financial interests in, fossil fuel companies. By late October 2023, around 1,612 institutions, with estimated total assets of around USD 40.6 trillion, had committed to fossil fuel divestment i .

Several important divestment-related announcements were made during the year. Notably, the San Diego Diocese became the first church in the United States to divest all of its direct holdings in fossil fuels. This continued a trend globally in which hundreds of adherents to Catholicism (nearly all outside the United States), following the lead of Pope Francis, have announced plans in recent years to divest from fossil fuels. Several additional US universities also announced divestment plans during 2023, including Seattle University (with USD 285 million in assets) and New York University (with a USD 5 billion endowment).

The broader divestment movement has been called insignificant by some, based on the argument that only a small portion of investors divest their holdings, and that divested shares are bought by other investors. Other commentators point to a noteworthy impact of the divestment movement: on a country level, in years that more assets are committed to fossil fuel divestment, the oil and gas sector fundraises less compared with its historical average. However, although country-level investment may be impacted, oil and gas financing has continued to increase across countries.

Funds divested from fossil fuel companies are not necessarily re-invested in companies associated with renewables. The global network DivestInvest works to address this by providing guidance to organisations and individuals during the divestment process and encouraging them to establish climate-friendly criteria for their investments (for example, by investing in renewable energy companies, low-carbon transport, or sustainable agriculture and forestry options).

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i Through fossil fuel divestment, an institution makes a binding commitment to exclude any fossil fuel company (coal, oil and fossil gas) from either all or part of its managed asset classes, or to selectively exclude companies that derive a large portion of their revenue from coal and/or tar sands companies. Organisations also may commit to some form of an exclusion policy based on different criteria, such as whether the company is aligned with the goals of the Paris Agreement.

Source: See endnote 296 for this module.

The categorisation of an organisation or its activities as ESG may be based on a risk perspective (e.g., how environmental risks may affect a company) and/or by an impact perspective (e.g., the impact that a company or activity has on the outside world). 301 Companies that rate and value ESG funds more from a risk perspective have been criticised for using methodologies that ignore the larger impact of a company on the planet. 302 As the impact perspective becomes increasingly relevant to investors aiming for net zero carbon or clean energy goals, a “double-materiality concept” ii is arising, which incorporates both the risk and impact perspectives. 303 This approach may have more relevance for renewables. 304 Relatedly, ESG products are increasingly being used to assess a company's commitments and actions to transition to renewable energy. 305

Increasingly, critics have questioned the commitment of oil and gas companies to the energy transition, as many companies continue to increase fossil fuel production and to reward their shareholders with returns from substantial profits. 306 (See Box 2.)

Renewable Energy and Climate Finance

Climate finance entails any financing that seeks to support either climate change mitigation actions (for example, renewable energy generation, energy efficiency or low-carbon transport) or adaptation actions (for example, disaster risk management, waste and water, or resilient infrastructure). Nearly USD 1.3 trillion in annual climate finance was allocated on average in 2021/2022 iii , almost double the amount of the previous two-year period. 307 Most of the increase was in mitigation finance, with the greatest growth occurring in renewable energy and transport. 308

Climate finance flows were concentrated mainly in East Asia and the Pacific (44% of the total, led by China), followed by Europe (26%, up from only 17% in 2019/2020) and the United States and Canada (14%). 309 Mitigation activities continued to represent most of the total flows, at around 91% or USD 1.15 trillion. 310 Investment in renewables, dominated by solar PV and onshore wind energy, accounted for 43% of mitigation finance in 2021/2022, well below the high of 59% in 2020 iii . 311 ( See Figure 11.)

BOX 2. Oil and Gas Companies' Investment in Renewables

The oil and gas industry had a record year in 2023. For the first time, a fossil fuel industry CEO assumed a role at the highest level of climate diplomacy, as ADNOC CEO Ahmed Al-Jaber took the helm at the COP 28 Presidency. Moreover, the “Big 5” companies – BP, Shell, Chevron, ExxonMobil and TotalEnergies – distributed more than USD 100 billion in shareholder profits in 2023, nearing an all-time record. Although profits tumbled towards the end of the year, fossil fuel companies have signalled strong confidence in a rapid recovery through their substantial shareholder returns.

Despite their climate diplomacy engagements and record returns, oil and gas companies are not delivering on their commitments to the energy transition. In 2022, fossil fuel companies spent a mere 2.5% of their capital in 2022 on clean energy (including renewables and electric vehicle charging) and contributed to only 1% of global clean energy investment. A change in leadership at Shell led to an announcement that in 2024 the company would cut at least 15% of its jobs in low-carbon solutions. In response, civil society and corporate investors, led by Amundi (a group of 27 investor groups) demanded that the company commit more strongly to an emission reduction target aligned with the Paris Agreement. In France, four environmental organisations initiated legal action against TotalEnergies over the impact of the company's oil projects.

Source: See endnote 306 for this module.

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FIGURE 11.Estimated Share of Mitigation Finance by Sector,2019-2022

FIGURE 11.

Note: The “Other and cross-sectoral” category includes: Agriculture, Forestry and Other Land Use (AFOLU), Industry, Information and Communications, Waste, and Water and Wastewater.

Source: CPI. See endnote 311 for this module.

Although the share of renewable energy investment in mitigation finance decreased, the total investment in renewables reached a record high.

Even as investment in renewables has increased, mitigation finance funds have diversified, with growing shares being allocated to transport and energy efficiency. 312 Finance for low-carbon transport accounted for 29% of total mitigation finance in the 2021/2022 period. 313

The landscape of climate finance flows is multi-faceted, interconnected and evolving. As of 2021/2022, public finance – including funds provided by development finance institutions, governments and climate funds – supplied around 51% of total climate finance, at USD 640 billion, while private finance supplied the remainder. 314 Renewable energy continued to attract higher shares of private finance than other sectors during this period. 315 Commercial financial institutions provided most of the private capital for climate finance (around USD 235 billion per year), followed by corporations and households (such as for purchases of electric vehicles or residential solar PV systems). 316

Public support came mostly from development financial institutions (USD 364 billion per year), followed by state-owned enterprises (USD 110 billion) and governments (USD 100 billion). 317 Most (USD 238 billion) of the funds from development finance institutions were for domestic commitments, led by East Asia and the Pacific. 318

The Paris Agreement (in Article 2.1c) highlights the need to make finance flows consistent with the goal of limiting global temperature rise to 1.5°C. 319 Achieving this goal would require large growth in overall renewable energy investment compared to the last decade. Estimates of the annual investment in renewable power needed by 2030 to achieve the Paris Agreement goals are in the range of USD 1,300 billion to USD 1,350 billion. 320 (See Figure 12.)

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Achieving the goals laid out in the Paris Agreement would require large growth in renewable energy investment compared to the last decade.

In side events at the UN Climate Conference in Dubai in late 2023, a flurry of new climate finance initiatives were introduced, many of which blended finance from the private sector with contributions from government-funded multilateral development banks and philanthropic funding. 321 The newly launched investment platform Allied Climate Partners will begin with USD 800 million in four funds focused in India, Africa, Southeast Asia, and the Caribbean and Central America. 322 The Green Climate Fund discussed plans to create a green guarantee company to provide guarantees for climate bonds in developing countries. 323 The Glasgow Financial Alliance for Net Zero (GFANZ) launched a new Latin America and Caribbean Network; GFANZ began in 2021 with the aim of bringing together existing and new net zero finance initiatives by mobilising private capital for emerging markets and developing economies through private sector investments and public-private collaboration. 324

FIGURE 12.Range of Annual Renewable Energy Investment Needed in Climate Change Mitigation Scenarios, Compared to Recent Investments

FIGURE 12.

Note: These scenarios quantify renewable energy differently than the BloombergNEF historical basis used in this module. The scenario estimates are for renewable power only, whereas the historical basis includes power and renewable fuels.
*The annual investment required for 2030 is calculated by REN21. It takes into consideration investment in 2023 not meeting the annual investment requirements of the scenarios and distributes it equally from 2024 to 2030.

Source: See endnote 320 for this module.

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Footnotes

i Renewable power and fuels does not include hydropower projects larger than 50 MW. In addition, these estimates do not include investments in renewable heating and cooling technologies, for which data are not collected systematically.

ii Double materiality refers to sustainability reporting that acknowledges the impacts on companies by sustainability issues (“outside-in”) and how the companies' activities impact society and the environment (“inside-out”).

iii This is the most recent available value and is an average of 2021 and 2022 data, expressed in nominal (current) US dollars.

iv Values for 2021 and 2022 were also influenced by data improvement, particularly for the buildings (energy efficiency) sector.

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  294. Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023.294
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  298. The Business Times, “China Proposes New ESG Rules to Keep Up with Europe”, 21 February 2024, https://www.businesstimes.com.sg/esg/china-proposes-new-esg-rules-keep-europe. 298
  299. Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023. 299
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  306. Box 2 from the following sources: fossil fuel CEO from Ben Stockton and Amy Westervelt, “Inside the Campaign That Put an Oil Boss in Charge of a Climate Summit”, The Intercept, 25 October 2023, https://theintercept.com/2023/10/25/cop28-uae-oil-climate-sultan-al-jaber; USD 100 billion and strong confidence from Jillian Ambrose, “Big Five Oil Companies to Reward Shareholders with Record Payouts”, The Guardian, 1 January 2024, https://www.theguardian.com/business/2024/jan/01/oil-companies-shareholders-payouts-bp-shell-chevron-exxonmobil-totalenergies; fossil fuel spending from International Energy Agency, “The Oil and Gas Industry in Net Zero Transitions”, 2023, https://www.iea.org/reports/the-oil-and-gas-industry-in-net-zero-transitions; Shell job cuts from Ron Bousso, “Exclusive: Shell Cuts Low-carbon Jobs, Scales Back Hydrogen in Overhaul by CEO”, Reuters, 25 October 2023, https://www.reuters.com/sustainability/climate-energy/shell-cuts-low-carbon-jobs-scales-back-hydrogen-ceo-overhaul-sources-2023-10-25; investor reactions from “Shell under fire from Europe's largest asset manager over climate policy “, Financial Times, 15 January 2024, https://www.ft.com/content/8e530a5c-6f67-424a-a9d9-a14d395ee4c1; France from “Environmental Groups File Complaint Against France's TotalEnergies over Climate Impact”, Reuters, 2 October 2023 https://www.reuters.com/sustainability/environmental-groups-file-complaint-against-frances-totalenergies-over-climate-2023-10-02. 306
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  309. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 309
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  316. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 316
  317. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 317
  318. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 318
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  323. Mike Scott, “ESG Watch: COP28 a Milestone in Terms of Ambition, but Falls Short on Finance”, Reuters, 14 December 2023, https://www.reuters.com/sustainability/sustainable-finance-reporting/esg-watch-cop28-milestone-terms-ambition-falls-short-finance-2023-12-14. 323
  324. Glasgow Financial Alliance for Net Zero (GFANZ), “About Us”, 2022, https://www.gfanzero.com/about; GFANZ, “GFANZ Launches Latin America & Caribbean Network to Support Climate Finance in the Region”, 23 October 2023, https://www.gfanzero.com/press/gfanz-launches-latin-america-caribbean-network-to-support-climate-finance-in-the-region.324