Global clean energy investment growth rate 2005-2023

From 2022 to 2023, the annual global investments in clean energy sources and technology specifically relevant to the energy transition increased by 17 percent. In that last year, the global investment in the low-carbon energy transition totaled 1.78 trillion U.S. dollars, which was a record high.

Energy transition technologies

Most energy transition investments worldwide focus on renewable energy and electrified transportation. These two segments reached total investments of 623 and 632 billion U.S. dollars in 2023, respectively. Power grids and electrified heat were others of the most financed technologies in that year. On the other hand, hydrogen accounted for a small share of investments, reaching a total of 10 billion U.S. dollars. Investments in hydrogen are expected, however, to increase in the coming years. As of January 2023, some 320 billion U.S. dollars were required to develop announced, planned, and committed large-scale hydrogen projects until 2030.

Renewable energy investments

In 2022, solar energy accounted for more than half of the investment in renewable technologies worldwide. Solar photovoltaics amassed almost 300 billion U.S. dollars that year, the highest investment recorded in recent years for this technology. Onshore and offshore wind energy followed, with investments amounting to roughly 141 and 34 billion U.S. dollars, respectively. Although renewable investments have grown in the last years, it is estimated that they would need to quadruple to limit the temperature rise to 1.5 °C by 2050.