There are two reasons for this. First, the cost of clean energy has plummeted over the past decade, allowing every dollar spent on wind and solar power to produce more than twice as much energy as it did a decade ago. Second, investment is also being spurred by the growing number of countries adopting emissions reduction targets in recent years.
Currently, the majority of clean energy investment is flowing into solar power projects, and this energy source is predicted to attract more investment by 2025 than all other sources of electricity generation combined. 2024The rise of renewable energy, including fossil fuels, is driving increased investment in energy storage and grid capacity around the world. Battery storage is expected to exceed $1 billion by 2025.50 This year’s investment is $1 billion, more than double last year’s. 2022.
While the record investment bodes well for the future of clean energy, there is one big caveat: the spending is not evenly distributed, with most of the investment coming from China, the United States, and the European Union, with only 3% going to developing countries outside of China. 15% of this expenditure.
This is what needs to change to move the world away from fossil fuels to meet global climate goals. Total investment in clean energy is 2030 meet Police Officer28 The goal is to quadruple clean energy investment in developing countries outside China. The report projects clean energy investment outside China will reach nearly $1.2 trillion this year, more than double what it was just four years ago.320 a billion.
In other words, it is not enough for big-spending countries to continue to break records by investing only within themselves.
