Global renewable energy investment increased between 2013 and 2018, reaching its peak at US$351 billion in 2017, according to a new report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI). The 2020 edition of Global Landscape of Renewable Energy Finance highlights however, that while a cumulative US$1.8 trillion were invested during the five-year period, the amount falls short to achieve the global climate commitments.
Renewable energy investment slightly declined in 2018, with modest growth through 2019. Although this was largely due to the decreasing costs of renewables, the total installed capacity continued to grow.
The current level of investment is still insufficient, however, to keep the rise in global temperatures within the 1.5 °C objective by mid-century. To achieve this climate goal, investment in diverse renewables technologies must almost triple annually to US$800 billion by 2050. . . .
