Global Landscape of Renewable Energy Finance 2023

Global investments in energy transition technologies, specifically energy efficiency, surged to a record $1.3 trillion in 2022. To achieve the 1.5°C scenario outlined in the International Renewable Energy Agency’s (IRENA) World Energy Transitions Outlook 2023, annual investment must quadruple. While renewable energy investments hit an unprecedented $0.5 trillion, it falls short of the necessary yearly amount. The joint report by IRENA and Climate Policy Initiative (CPI) analyzes investment trends from 2013 to 2020 and identifies gaps, emphasizing the need to channel funds to underinvested regions and prioritize policy frameworks for impactful energy transition.