Investment and Finance

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

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

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. — 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.

Sidebar 2. Development Finance for Renewable Energy

Countries are not delivering adequately on their development financeⁱ commitments. Under the United Nations Sustainable Development Goals (SDG 17ⁱⁱ), developed countries committed to allocate 0.7% of their gross national income (equivalent to USD 411 billion in 2022) in funding to support less-wealthy countries. However, as of 2022 only 0.36% of GNI was being channelled into such aid, a shortfall of USD 200 billion.

Development finance flows for renewable energy generation ⁱⁱⁱ projects totalled USD 7.8 billion in 2022, an amount that pales in comparison to the USD 576 billion invested in renewables globally. This misalignment is even more alarming in the context of the high cost of capital for renewable energy projects and the need for clear roadmaps and support for the energy transition in developing economies.

Even so, finance for renewable generation projects globally has increased steadily, with disbursements more than doubling from USD 3.5 billion in 2013 to USD 7.85 billion in 2022. However, the bulk of development finance for these projects is in the form of loans or equity investment, with grants representing only 35% of total government-driven assistance and 20% of the total development finance (including other official flows and private development finance).

Renewables are not the only recipient of development finance for energy generation. In 2022, more than USD 1.9 billion was disbursed for non-renewable energy projects (mainly fossil fuels). Yet the share of non-renewables in total energy generation finance has declined steadily. (See Figure 7.) This is in part because multilateral development banks have increasingly adopted policies that exclude support for fossil fuels such as coal and oil, although fossil gas remains a key aid recipient.

FIGURE 7. — Note: "Renewable sources" includes the following categories: multiple technologies, hydro-electric power plants, solar energy for centralised grids, wind energy, marine energy, geothermal energy, bofuel-fired power plants, solar energy for isolated grids and stand-alone systems and solar energy – thermal applications.
Source: OECD-DAC Creditor Reporting System (CRS) Database. See endnote 257 for this module.

Most development finance for renewable energy generation is provided via two key donor sources. Countries that are members of the Development Assistance Committee (DAC)iv of the Organisation for Economic Cooperation and Development (OECD), as well as multilateral organisations, together accounted for 95% of development finance flows in 2022. Meanwhile, non-DAC countries and private donors contributed only 5%, mainly to Africa and Asia. Multilateral banks are the main donors for renewables in the Americas and Europe, whereas in Africa and Asia, bilateral funding from DAC countries dominates. (See Figure 8.)

FIGURE 8. — Note: In 2022, USD 858 million was not assigned to the aforementioned regions. This amount is not reflected in the figure above. Multilaterals include EU institutions, the International Monetary Fund, regional development banks, the United Nations, the World Bank and others.
Source: OECD-DAC Creditor Reporting System (CRS) Database. See endnote 257 for this module.

In 2022, 78% of development finance for the Americas came from multilateral organisations.

Over the past decade, a major shift has occurred in aid implementation channels. (See Figure 9.) Whereas in 2013 the public sector delivered more than two-thirds of development finance (67%), by 2022 this share had fallen to 50%. Meanwhile, funding directed at private sector institutions has increased rapidly, rising from near zero in 2013, to 14% in 2017 and 30% in 2022^v. Multilateral organisations also increasingly lead on project implementation, with their share rising from 7.5% in 2017 to 13.8% in 2022.

Private delivery of development projects has become more popular mainly because it is viewed as a dynamic and agile funding vehicle, as well as a key source of income and employment. The private sector is also seen as a multiplier of development funds to mobilise further private investment.

i Development finance or “development assistance” is defined as aid that promotes and targets economic development and welfare in developing countries and flows mainly from members of the OECD's Development Assistance Committee (DAC) and from multilateral organisations into developing countries categorised as eligible based on an income threshold. See endnote 257 for this module.

ii See, for example, SDG 17.2: Partnerships for the Goals. Development assistance as a catalyst for progress.

iii Development finance flows are classified into sectors with unique purpose codes. For example, energy aid is split into: energy policy, energy generation (renewable), energy generation (non-renewable), hybrid energy plants, nuclear energy plants and energy distribution.

vi DAC members are: Australia, Austria, Belgium, Canada, Denmark, the European Union, Finland, France, Germany, Greece, Ireland, Italy, Japan, the Republic of Korea, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States.

v The lack of finance flowing through private sector institutions in 2013 may be due to a shift in methodology.

Source: See endnote 257 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. — Source: REN21. See endnote 262 for this module.

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

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 divestmentⁱ.

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).

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 2021/2022ⁱⁱⁱ, almost double the amount of the previous two-year period.³⁰⁷Most 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 2020ⁱⁱⁱ.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.

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.)

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. — 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.

Policy Challenges and Opportunities

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.

International Energy Agency, “Executive Summary – World Energy Outlook 2023”, 2023, https://www.iea.org/reports/world-energy-outlook-2023/executive-summary; International Energy Agency, “Overview and Key Findings – World Energy Investment 2023”, 2023, https://www.iea.org/reports/world-energy-investment-2023/overview-and-key-findings.1
International Renewable Energy Agency, "Renewable Capacity Statistics 2024", 2024, https://www.irena.org/Publications/2024/Mar/Renewable-capacity-statistics-2024. 2
International Energy Agency, “Executive Summary – Renewables 2023”, 2023, https://www.iea.org/reports/renewables-2023/executive-summary.3
US Energy Information Administration, “Electric Power Monthly”, February 2024, Table 6.1, https://www.eia.gov/electricity/monthly.4
Europe solar capacity additions from SolarPower Europe, “2023: A milestone year for renewable energy in Europe – Unveiling Ember's Electricity Review”, 8 February 2024, https://www.solarpowereurope.org/news/2023-a-milestone-year-for-renewable-energy-in-europe-unveiling-ember-s-electricity-review; Europe wind capacity additions in 2022 from Wind Europe, “The EU built a record 17 GW of new wind energy in 2023”, January 2023, https://windeurope.org/newsroom/press-releases/the-eu-built-a-record-17-gw-of-new-wind-energy-in-2023-wind-now-19-percent-of-electricity-production. 5
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Mariel Lutz and Jenny Rowland-Shea, “The Oil and Gas Industry Is Behind Offshore Wind Misinformation”, Center for American Progress (blog), 11 December 2023, https://www.americanprogress.org/article/the-oil-and-gas-industry-is-behind-offshore-wind-misinformation; Kathiann M. Kowalski, “Anonymously Funded Group Stokes Local Opposition to Ohio Solar Project”, Energy News Network, 18 December 2023, http://energynews.us/2023/12/18/anonymously-funded-group-stokes-local-opposition-to-ohio-solar-project.16
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off-course-2023-09-28. 26
N. Buli, “Latest UK Renewables Auction Fails to Attract Offshore Wind Bids”, Reuters, 8 September 2023, https://www.reuters.com/sustainability/climate-energy/latest-uk-renewables-auction-fails-attract-offshore-wind-bids-2023-09-08; Orlando Jenkinson, “Norway Postpones Offshore Wind Tenders Amid State Aid Talks”, Windpower Monthly, 18 October 2023, https://www.windpowermonthly.com/article/1844264/norway-postpones-offshore-wind-tenders-amid-state-aid-talks; Allison Good, “Offshore Wind Contract Disputes Proliferate as High Costs Jeopardize US Buildout”, S&P Global, 16 June 2023, https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/offshore-wind-contract-disputes-proliferate-as-high-costs-jeopardize-us-buildout-76164337; Diana DiGangi, “Ørsted Cancels Two Offshore Wind Projects Citing Supply Chain Problems”, Supply Chain Dive, 3 November 2023, https://www.supplychaindive.com/news/orsted-cancel-ocean-wind-offshore-project-development-new-jersey/698554.27
Jennifer Collins, “Discontent at Siemens Energy over Wind Division Losses – Media Report”, Clean Energy Wire, 28 February 2024, https://www.cleanenergywire.org/news/discontent-siemens-energy-over-wind-division-losses-media-report. 28
International Energy Agency, “World Energy Outlook 2023”, 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.29
Natalia Alayza, Valerie Laxton and Carolyn Neunuebel, “Developing Countries Won't Beat the Climate Crisis Without Tackling Rising Debt”, 22 September 2023, https://www.wri.org/insights/debt-climate-action-developing-countries. 30
Zack Colman, “Building Wind Power, Canceling Coal — It's All Drowning Under Borrowing Costs”, Politico, 10 December 2023, https://www.politico.com/news/2023/12/09/climate-talks-newest-threat-interest-rates-00130949. 31
International Energy Agency, “World Energy Outlook 2023”, 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.32
Global Policy Forum, “The Bridgetown Initiative to Reform the International Financial Architecture”, 22 February 2023, https://www.globalpolicy.org/en/news/2023-02-23/bridgetown-initiative-reform-international-financial-architecture. 33
Noah Kaufmann, Sagatom Saha and Christopher Bataille, “Green Trade Tensions, International Monetary Fund, June 2023, https://www.imf.org/en/Publications/fandd/issues/2023/06/green-trade-tensions-kaufman-saha-bataille. Snapshot: United States from the following sources: boom in solar PV from Dan Slanger, “It's the IRA's First Birthday. Here Are Five Areas Where Progress Is Piling Up.”, RMI, 16 August 2023, https://rmi.org/its-the-iras-first-birthday-here-are-five-areas-where-progress-is-piling-up; new investments and jobs from Climate Power, “One Year of Our Clean Energy Boom”, 2023, https://climatepower.us/wp-content/uploads/sites/23/2023/07/Clean-Energy-Boom-Anniversary-Report-1.pdf; manufacturing announcements, supercharge EV shift and US Postal Service from Slanger, op. cit. this note; rebate programmes from Jeff St. John, “Inside the IRA's Historic, High-Stakes Investment in Energy Efficiency”, Canary Media, 17 August 2023, https://www.canarymedia.com/articles/energy-efficiency/inside-the-iras-historic-high-stakes-investment-in-energy-efficiency; power sector announcements and hard-to-abate industries from Slanger, op. cit. this note; renewable energy setbacks from David R. Baker, Saijel Kishan and Jennifer A. Dlouhy, “A $30 Billion Meltdown in Clean Energy Puts Biden's Climate Goals at Risk”, Bloomberg Businessweek, 29 November 2023, https://www.msn.com/en-us/money/news/a-30-billion-meltdown-in-clean-energy-puts-biden-s-climate-goals-at-risk/ar-AA1kKwBk, and from Nichola Groom and Jarrett Renshaw, “Biden's Clean Energy Agenda Faces Mounting Headwinds”, Yahoo Finance, 24 November 2023, https://finance.yahoo.com/news/bidens-clean-energy-agenda-faces-110503413.html; Chinese solar from Phred Dvorak, “America Wanted a Homegrown Solar Industry. China Is Building a Lot of It.”, Wall Street Journal, 6 February 2024, https://www.msn.com/en-us/money/markets/america-wanted-a-homegrown-solar-industry-china-is-building-a-lot-of-it/ar-BB1hPNAh.34
Mohamed El-Erian, “From Near-Shoring to Friend-Shoring: The Changing Face of Globalisation”, The Guardian, 9 March 2023, https://www.theguardian.com/business/2023/mar/09/from-near-shoring-to-friend-shoring-the-changing-face-of-globalisation; Kassandra Jimenez-Sanchez, “Reshoring, “Friend-Shoring”, Energy & Food Security Will Shape Risk Landscape: Swiss Re”, Reinsurance News, 9 September 2022, https://www.reinsurancene.ws/reshoring-friend-shoring-energy-food-security-will-shape-risk-landscape-swiss-re.35
Mohamed El-Erian, “From Near-Shoring to Friend-Shoring: The Changing Face of Globalisation”, The Guardian, 9 March 2023, https://www.theguardian.com/business/2023/mar/09/from-near-shoring-to-friend-shoring-the-changing-face-of-globalisation; Ana Swanson and Ivan Penn, “Solar Supply Chain Grows More Opaque Amid Human Rights Concerns”, New York Times, 1 August 2023, https://www.nytimes.com/2023/08/01/business/economy/solar-xinjiang-china-report.html. 36
International Energy Agency, “World Energy Outlook 2023”, 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.37
International Energy Agency, “Executive Summary – Solar PV Global Supply Chains”, 2022, https://www.iea.org/reports/solar-pv-global-supply-chains/executive-summary. 38
International Energy Agency, “Executive Summary – Solar PV Global Supply Chains”, 2022, https://www.iea.org/reports/solar-pv-global-supply-chains/executive-summary. 39
Jennifer Mossalgue, “Cheap Solar Panels from China Are All Over Europe – and Everyone Is Freaking Out”, Electrek, 8 February 2024, https://electrek.co/2024/02/08/cheap-solar-panels-from-china-are-all-over-europe. 40
Ian Bott et al., “How Global Trade Could Fragment After the EU's Tax on ‘Dirty' Imports”, Financial Times, 9 January 2024, https://www.ft.com/content/ca51ebf5-fbb8-4c88-a93d-ded3d6d3bcdd. 41
Jennifer Mossalgue, “Cheap Solar Panels from China Are All Over Europe – and Everyone Is Freaking Out”, Electrek, 8 February 2024, https://electrek.co/2024/02/08/cheap-solar-panels-from-china-are-all-over-europe.42
S. Busch, “Our Guide to Friend-Shoring: Sectors to Watch”, Atlantic Council (blog), 27 October 2022, https://www.atlanticcouncil.org/in-depth-research-reports/issue-brief/our-guide-to-friend-shoring-sectors-to-watch. 43
Sheridan Prasso, “US Solar Boom Opens $2 Billion Indian Door to Banned Products from China”, Bloomberg, 5 February 2024, https://www.bloomberg.com/news/articles/2024-02-05/us-solar-boom-opens-indian-door-to-chinese-components-made-with-forced-labor. 44
Mohamed El-Erian, “From Near-Shoring to Friend-Shoring: The Changing Face of Globalisation”, The Guardian, 9 March 2023, https://www.theguardian.com/business/2023/mar/09/from-near-shoring-to-friend-shoring-the-changing-face-of-globalisation. 45
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International Energy Agency, “Key Market Trends – Critical Minerals Market Review 2023”, 2023, https://www.iea.org/reports/critical-minerals-market-review-2023/key-market-trends; ‘Cobalt', Trading Economics, 2024, https://tradingeconomics.com/commodity/cobalt; ‘Lithium', Trading Economics, 2024, https://tradingeconomics.com/commodity/lithium; ‘Nickel', Trading Economics, 2024, https://tradingeconomics.com/commodity/nickel.49
International Energy Agency, “Key Market Trends – Critical Minerals Market Review 2023”, 2023, https://www.iea.org/reports/critical-minerals-market-review-2023/key-market-trends.50
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International Energy Agency, “Executive Summary – Solar PV Global Supply Chains”, 2022, https://www.iea.org/reports/solar-pv-global-supply-chains/executive-summary. 55
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Jennifer Mossalgue, “Cheap Solar Panels from China Are All Over Europe – and Everyone Is Freaking Out”, Electrek, 8 February 2024, https://electrek.co/2024/02/08/cheap-solar-panels-from-china-are-all-over-europe; Reuters Events, “Europe's Solar Industry Warns of Imminent Closures; China's Output Rockets”, 7 February 2024, https://www.reutersevents.com/renewables/solar-pv/europes-solar-industry-warns-imminent-closures-chinas-output-rockets. 61
Reuters Events, “EU Must Hurl Solar Funding at Multiple Headwinds to Compete Globally”, 28 June 2023, https://
www.reutersevents.com/renewables/solar-pv/eu-must-
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Reuters Events, “EU Must Hurl Solar Funding at Multiple Headwinds to Compete Globally”, 28 June 2023, https://www.reutersevents.com/renewables/solar-pv/eu-must-hurl-solar-funding-multiple-headwinds-compete-globally. 63
Reuters Events, “Solar Skills Shortage Threatens EU Targets”, 8 Feburary 2023, https://www.reutersevents.com/renewables/solar-pv/solar-skills-shortage-threatens-eu-targets. 64
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International Energy Agency, “Clean Energy Is Driving Job Growth, but Skills Shortages Are a Major Barrier”, Energy Post (blog), 24 November 2023, https://energypost.eu/clean-energy-is-driving-job-growth-but-skills-shortages-are-a-major-barrier. 71
World Meteorological Organization, “2023 Shatters Climate Records, with Major Impacts”, 27 November 2023, https://wmo.int/news/media-centre/2023-shatters-climate-records-major-impacts. 72
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Rachel Frazin, “US, China Agree to Bolster Renewables in Effort to Replace Fossil Fuels”, The Hill (blog), 15 November 2023, https://thehill.com/policy/energy-environment/4310802-us-china-renewables-fossil-fuels-climate-change. 77
Zoya Mirza, “131 Companies Press for 100% Decarbonized Power Systems in All Countries by 2040”, Utility Dive, 27 October 2023, https://www.utilitydive.com/news/coalition-131-companies-urges-governments-accelerate-decarbonization-COP28/697777. 78
Renewable Energy Policy Network for the 21st Century (REN21), “Press Release: COP28 Sent Strong Signals for the Energy Transition but Much Work Lies Ahead to Set It on Course for a Fossil-Free and Renewables-Based Economies by 2050”, 13 December 2023, https://www.ren21.net/press-release-work-lies-ahead-to-set-it-on-course-for-a-fossil-free-and-renewables-based-economies. 79
Zongyuan Zoe Liu, “Did the COP28 Summit Give a Boost to Renewable Energy Plans?” Council on Foreign Relations, 13 December 2023, https://www.cfr.org/article/renewable-energy-and-cop28. 80
United Nations Climate Change, “COP 28: What Was Achieved and What Happens Next?”, accessed 14 March 2024, https://unfccc.int/cop28/5-key-takeaways.81
International Energy Agency, “IEA Assessment of the Evolving Pledges at COP28”, 10 December 2023, https://www.iea.org/ news/iea-assessment-of-the-evolving-pledges-at-cop28.82
International Energy Agency, “IEA Assessment of the Evolving Pledges at COP28”, 10 December 2023, https://www.iea.org/news/iea-assessment-of-the-evolving-pledges-at-cop28. 83
Zongyuan Zoe Liu, “Did the COP28 Summit Give a Boost to Renewable Energy Plans?” Council on Foreign Relations, 13 December 2023, https://www.cfr.org/article/renewable-energy-and-cop28. Snapshot: China and India from the following sources: new pledge from COP 28 UAE, “Global Renewables and Energy Efficiency Pledge”, https://www.cop28.com/en/global-renewables-and-energy-efficiency-pledge; abstaining from Zi Lin, “Why China Didn't Sign Global Pledge to Triple Renewables”, China Dialogue (blog), 13 December 2023, https://chinadialogue.net/en/energy/why-china-hasnt-signed-pledge-triple-renewables; China new solar capacity from Bloomberg, “China Added More Solar Panels in 2023 Than US Did in Its Entire History”, Carbon Brief, 2024, https://www.carbonbrief.org/daily-brief/china-added-more-solar-panels-in-2023-than-us-did-in-its-entire-history; India new capacity from Colleen Howe, “Explainer: The Numbers behind China's Renewable Energy Boom”, Reuters, 15 November 2023, https://www.reuters.com/sustainability/climate-energy/numbers-behind-chinas-renewable-energy-boom-2023-11-15, and from Government of India, “Year End Review 2023 of Ministry of New & Renewable Energy”, 3 January 2024, https://pib.gov.in/PressReleasePage.aspx?PRID=1992732; New Delhi declaration, supportive transitions and investments in unabated plants from Joe Lo, “Why Didn't China and India Sign Cop28 Tripling Renewables Pledge?” Climate Home News, 11 December 2023, https://www.climatechangenews.com/2023/12/11/why-didnt-china-and-india-sign-cop28-tripling-renewables-pledge; collective emissions from Worldometer, “CO2 Emissions by Country”, accessed 21 December 2023, https://www.worldometers.info/co2-emissions/co2-emissions-by-country; China on track, and doubts, from Li Shuo, “Three Observations on China at COP28”, Asia Society, 2023, https://asiasociety.org/policy-institute/three-observations-china-cop28, and from Isaac Hanson, “Explainer: How China Is Quietly Becoming a Green Energy Powerhouse”, Energy Monitor, 2024, https://www.energymonitor.ai/newsletters/explainer-how-china-is-quietly-becoming-a-renewables-powerhouse; structural shifts, complicate progress and UNFCCC preference from Shuo, op. cit. this note; India hesitation from Mohan Vishwa, “India & China Skip Renewable Power Pledge, 118 Nations Sign”, Times of India, 3 December 2023, https://timesofindia.indiatimes.com/india/india-china-skip-renewable-power-pledge-118-nations-sign/articleshow/105685354.cms; lack of specificity from 2023 Climate Change Media Partnership, “COP28: India, China Refrain from Signing Pledge to Triple World's Renewable Energy Capacity by 2030”, The Economic Times, 2 December 2023, https://economictimes.indiatimes.com/industry/renewables/cop28-india-china-refrain-from-signing-pledge-to-triple-worlds-renewable-energy-capacity-by-2030/articleshow/105684216.cms; financial demands from “India on Path to Triple Renewable Energy Capacity by 2030 but Faces Financing Hurdle: Report”, The Economic Times, 29 November 2023, https://economictimes.indiatimes.com/industry/renewables/india-on-path-to-triple-renewable-energy-capacity-by-2030-but-faces-financing-hurdle-report/articleshow/105584023.cms. 84
Carbon Brief, “COP28: Key Outcomes Agreed at the UN Climate Talks in Dubai”, 13 December 2023, https://www.carbonbrief.org/cop28-key-outcomes-agreed-at-the-un-climate-talks-in-dubai. 85
Ala AlShadfan, ‘COP28: Spain, Kenya and Samoa Join Beyond Oil and Gas Alliance', Gas Outlook (blog), 2023, https://gasoutlook.com/news/cop28-spain-kenya-and-samoa-join-beyond-oil-and-gas-alliance/.86
Marie Delcas, “Colombia Becomes the First Major Nation to Join the Fossil Fuel Non-Proliferation Coalition”, Le Monde, 15 December 2023, https://www.lemonde.fr/en/environment/article/2023/12/15/colombia-becomes-the-first-major-nation-to-join-the-fossil-fuel-non-proliferation-coalition_6345250_114.html.87
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Andy Colthorpe, “EC, Australia, US and Canada Back Global Initiative to Promote Battery Storage”, Energy Storage News, 8 December 2023, https://www.energy-storage.news/ec-australia-us-and-canada-back-global-initiative-to-promote-battery-storage; GDN Online, “UAE Business: Global Power Utilities in Joint Action to Drive Energy Transition”, 5 December 2017, https://www.gdnonline.com/Details/1297561. 91
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Renewable Energy Policy Network for the 21st Century (REN21), “Global Status Report 2023: Renewables in Energy Demand”, 2023, https://www.ren21.net/gsr-2023/modules/energy_demand; International Energy Agency, “World Energy Outlook 2023 Free Dataset – Data Product”, accessed 19 December 2023, https://www.iea.org/data-and-statistics/data-product/world-energy-outlook-2023-free-dataset-2. 102
REN21 Policy Database. See GSR 2024 Data Pack, available at www.ren21.net/gsr2024-data-pack/go.103
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International Energy Agency, “Executive Summary – Global Hydrogen Review 2023”, 2023, https://www.iea.org/reports/global-hydrogen-review-2023/executive-summary. 228
Figure 4 from REN21 Policy Database. See GSR 2024 Data Pack, available at www.ren21.net/gsr2024-data-pack/go.229
Georgian Government, “Georgia's Long-Term Low Emission Development Strategy”, European Union and United Nations Development Programme, 2023, https://unfccc.int/sites/default/files/resource/Georgia%27s%20LT-LEDS%202023-eng.pdf.230
REN21 Policy Database. See GSR 2024 Data Pack, available at www.ren21.net/gsr2024-data-pack/go; United Nations Climate Change, "Eritrea", 2023, https://unfccc.int/node/61060.231
UNDP Climate Promise, “What Are NDCs and How Do They Drive Climate Action?” 31 May 2023, https://climatepromise.undp.org/news-and-stories/NDCs-nationally-determined-contributions-climate-change-what-you-need-to-know. 232
BloombergNEF, "G-20 Member States More Than Doubled Fossil-Fuel Support in 2022 to $1.3 Trillion”, 2023, https://about.bnef.com/blog/g-20-member-states-more-than-doubled-fossil-fuel-support-in-2022-to-1-3-trillion/.233
BloombergNEF, "G-20 Member States More Than Doubled Fossil-Fuel Support in 2022 to $1.3 Trillion”, BloombergNEF (blog), 2023, https://about.bnef.com/blog/g-20-member-states-more-than-doubled-fossil-fuel-support-in-2022-to-1-3-trillion/.234
International Monetary Fund, “Fossil Fuel Subsidies Surged to Record $7 Trillion”, 24 August 2023, https://www.imf.org/en/Blogs/Articles/2023/08/24/fossil-fuel-subsidies-surged-to-record-7-trillion; Subel Rai Bhandari, “IMF: China Leads as Global Fossil Fuel Subsidies Hit Record $7 Trillion”, Radio Free Asia, 25 August 2023, https://www.rfa.org/english/news/environment/global-fuel-subsidies-08252023061051.html. 235
Taea Laan et al., “Fanning the Flames: G20 Provides Record Financial Support for Fossil Fuels”, Energy Policy Tracker, accessed 12 January 2024, https://www.energypolicytracker.org/g20-fossil-fuel-support. 236
Financial Post, “Canada's Ban on Fossil Fuel Tax Breaks Will Target Production Boosting Measures”, 18 July 2023, https://financialpost.com/commodities/energy/oil-gas/canada-ban-fossil-fuel-subsidy-target-production. 237
Carbon Pricing Dashboard, “Up-to-Date Overview of Carbon Pricing Initiatives”, accessed 15 January 2024, https://carbonpricingdashboard.worldbank.org. Figure 5 from idem.238
PWC, “Indonesia's Carbon Pricing: Understanding the Basic Regulatory Framework”, 2023, https://www.pwc.com/id/en/publications/esg/indonesia-carbon-pricing.pdf; Nic Fildes, “Australia Recalibrates Safeguard Mechanism to Hit Carbon Targets”, Financial Times, 15 June 2023, https://www.ft.com/content/e2e0feab-f6f6-417f-b208-eee5340ccb4e. 239
GOV.UK, “New UK Levy to Level Carbon Pricing”,
19 December 2023, https://www.gov.uk/government/
news/new-uk-levy-to-level-carbon-pricing. 240
European Commission, “Carbon Border Adjustment Mechanism”, accessed 12 January 2024, https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en. 241
European Commission, “Carbon Border Adjustment Mechanism”,
accessed 12 January 2024, https://taxation-customs.ec.
europa.eu/carbon-border-adjustment-mechanism_en. 242
International Energy Agency, “Energy Efficiency 2023”, 2023, https://www.iea.org/reports/energy-efficiency-2023. 243
International Energy Agency, “Energy Efficiency 2023”, 2023, https://www.iea.org/reports/energy-efficiency-2023, 202.244
International Energy Agency, “IEA Policies Database”, accessed 2 January 2024, https://www.iea.org/policies. 245
International Energy Agency, “IEA Policies Database”, accessed 2 January 2024, https://www.iea.org/policies.246
International Energy Agency, “IEA Policies Database”, accessed 2 January 2024, https://www.iea.org/policies.247
Hürriyet Daily News, “Some $20 Bln to Be Invested in Energy Efficiency: Minister“, 8 January 2024, https://www.hurriyetdailynews.com/some-20-bln-to-be-invested-in-energy-efficiency-minister-189479.S. 248
Carbon Brief, “COP28: Key Outcomes Agreed at the UN Climate Talks in Dubai”, 13 December 2023, https://www.carbonbrief.org/cop28-key-outcomes-agreed-at-the-un-climate-talks-in-dubai. 249
BloombergNEF, “Energy Transition Investment Trends 2024”, 2024, https://about.bnef.com/energy-transition-investment. 250
Tim Gould et al., “Financial Headwinds for Renewables Investors: What's the Way Forward?”, International Energy Agency,
8 December 2023, https://www.iea.org/commentaries/financial-headwinds-for-renewables-investors-what-s-the-way-forward. 251
Tim Gould et al., “Financial Headwinds for Renewables Investors: What's the Way Forward?”, International Energy Agency,
8 December 2023, https://www.iea.org/commentaries/financial-headwinds-for-renewables-investors-what-s-the-way-forward. 252
Tim Gould et al., “Financial Headwinds for Renewables Investors: What's the Way Forward?”, International Energy Agency,
8 December 2023, https://www.iea.org/commentaries/financial-headwinds-for-renewables-investors-what-s-the-way-forward. 253
Charlotte Gardes-Landolfini Yu Pierpaolo Grippa, William Oman, Sha, ‘Energy Transition and Geoeconomic Fragmentation: Implications for Climate Scenario Design', IMF, accessed 7 March 2024, https://www.imf.org/en/Publications/staff-climate-notes/Issues/2023/11/16/Energy-Transition-and-Geoeconomic-Fragmentation-Implications-for-Climate-Scenario-Design-541097.254
International Energy Agency, “Reducing the Cost of Capital”, 2024, https://iea.blob.core.windows.net/assets/227da10f-c527-406d-b94f-dbaa38ae9abb/ReducingtheCostofCapital.pdf. Figure 6 from International Renewable Energy Agency, "Renewable Power Generation Costs in 2022", 2023, https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/2023/Aug/IRENA_Renewable_power_generation_costs_in_2022.pdf.255
International Energy Agency, “Reducing the Cost of Capital”, 2024, https://iea.blob.core.windows.net/assets/227da10f-c527-406d-b94f-dbaa38ae9abb/ReducingtheCostofCapital.pdf.256
International Energy Agency, "Scaling Up Private Finance for Clean Energy in Emerging and Developing Economies", 2023, https://www.iea.org/reports/scaling-up-private-finance-for-clean-energy-in-emerging-and-developing-economies, Sidebar 2 from the following sources: Data provided in this sidebar, including in Figures 7-9, are extracted from the Organisation for Economic Co-operation and Development (OECD) Development Assistance Committee (DAC) Creditor Reporting System (CRS) database, using the following parameters: “Amount type: Current prices”, “Flow type: gross disbursement” (disbursements show actual payments made each year, reflecting the realisation of donors' intentions and the implementation of their policies), “Flow: Official Development Assistance (ODA), Other Official flows and Private Development Finance” and “Aid Type: All types, Total”. See: OECD, “Frequently asked questions: official development assistance (ODA)”, https://www.oecd.org/dac/financing-sustainable-development/development-finance-data/faq.htm; OECD, “Official development assistance (ODA)”, https://www.oecd.org/dac/financing-sustainable-development/development-finance-standards/official-development-assistance.htm and OECD, “DAC List of ODA Recipients”,https://www.oecd.org/dac/financing-sustainable-development/development-finance-standards/daclist.htm. SDG 17.2 from United Nations, https://sdgs.un.org/goals/goal17#targets_and_indicators; total renewables finance from BloombergNEF, “Energy Transition Investment”, 26 January 2023, https://about.bnef.com/energy-transition-investment; multilateral banks moving away from fossil fuel development finance from I4CE Institute for Climate Economics, “The Latest Data on Fossil and Clean Energy Finance from Multilateral Development Banks”, 14 September 2023, https://www.i4ce.org/en/publications; list of eligible ODA recipient countries from OECD, “DAC List of ODA Recipients”, https://www.oecd.org/dac/financing-sustainable-development/development-finance-standards/daclist.htm; OECD, “Official Development Assistance (ODA)”, 12 December 2023, https://www.oecd.org/dac/financing-sustainable-development/development-finance-standards/official-development-assistance.htm; private investment upsurge from The White House, “The Economics of Public Investment Crowding-In Private Investment”, 16 August 2023, https://www.whitehouse.gov/briefing-room/blog/2023/08/16/the-economics-of-public-investment-crowding-in-private-investment.257
Stephan Brand and Johannes Steinbrecher, “Green Bonds – a Sustainable Alternative for Municipal Infrastructure Finance?' KfW Research Focus on Economics, no. 245 (7 March 2019), https://www.kfw.de/PDF/Download-Center/Konzernthemen/Research/PDF-Dokumente-Fokus-Volkswirtschaft/Fokus-englische-Dateien/Fokus-2019-EN/Fokus-No.-245-March-2019-Green-Bonds.pdf; Simon Gray, “Sustainable Finance: A Guide to the Taxonomy”, VitalBriefing (blog), 28 April 2021, https://vitalbriefing.com/industry/sustainable-finance/sustainable-finance-taxonomy-guide. 258
Organisation for Economic Co-operation and Development (OECD), “Developing Sustainable Finance Definitions and Taxonomies”, Green Finance and Investment, 2020, https://doi.org/10.1787/134a2dbe-en. 259
Malin Emmerich and Karsten Loeffler, personal communication with REN21, 8 March 2022.260
Malin Emmerich and Karsten Loeffler, personal communication with REN21, 8 March 2022.261
Figure 10 from REN21 Policy Database. See GSR 2024 Data Pack, available at www.ren21.net/gsr2024-data-pack/go.262
Abu Dhabi Global Market, “ADGM Implements Its Sustainable Finance Regulatory Framework”, 19 December 2023, https://www.adgm.com/media/announcements/adgm-implements-its-sustainable-finance-regulatory-framework.263
Argentina Ministry of the Economy, “Argentina's Sustainable Finance National Strategy”, May 2023, https://www.bcra.gob.ar/Pdfs/SistemasFinancierosYdePagos/Sustainable%20Finance%20National%20Strategy.pdf. 264
Emilio Aristegui, “SHCP Presents Sustainable Taxonomy for Mexico”, Mexico Business, 22 March 2023, https://mexicobusiness.news/finance/news/shcp-presents-sustainable-taxonomy-mexico; JonesDay, “Green Taxonomy Developments in Latin America and the Caribbean | Insights”, November 2023, https://www.jonesday.com/en/insights/2023/11/green-taxonomy-developments-in-latin-america-and-the-caribbean. 265
Monetary Authority of Singapore, “Singapore-Asia Taxonomy for Sustainable Finance 2023 Edition”, December 2023, https://www.mas.gov.sg/-/media/mas-media-library/development/sustainable-finance/singaporeasia-taxonomy-dec-2023.pdf; Bank of Thailand, “Thailand Taxonomy: A Reference Tool for Sustainable Economy”, accessed 19 January 2024, https://www.bot.or.th/en/financial-innovation/sustainable-finance/green/Thailand-Taxonomy.html. 266
Malin Emmerich and Karsten Loeffler, personal communication with REN21, 8 March 2022.267
Devorah Thur, “Green Taxonomies Around the World: Where Do We Stand?” ECOFACT (blog), 1 November 2022; Edward Maling and Arunima Sharan, “Europe Provides International Yardstick for Sustainable Finance”, OMFIF (blog), 22 December 2023, https://www.omfif.org/2023/12/europe-provides-international-yardstick-for-sustainable-finance. 268
International Platform on Sustainable Finance, “Common Ground Taxonomy – Climate Change Mitigation Instruction Report”, December 2021, https://finance.ec.europa.eu/system/files/2021-12/211104-ipsf-common-ground-taxonomy-instruction-report-2021_en.pdf; The People's Bank of China, “Common Ground Taxonomy Published as Part of the PBoC and EU Commission Co-Led Work”, 5 November 2021, http://www.pbc.gov.cn/en/3688006/3995557/4382112/index.html. 269
European Commission, “Proposals to Strengthen the EU's Sustainable Finance Agenda”, 13 June 2023, https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3192. 270
ASEAN Taxonomy Board, “ASEAN Taxonomy for Sustainable Finance, Version 2”, March 2023, https://www.sfinstitute.asia/wp-content/uploads/2023/03/ASEAN-Taxonomy-Version-2.pdf. 271
United Nations Environment Programme, “Common Framework of Sustainable Finance Taxonomies for Latin America and the Caribbean”, 2023, https://www.unepfi.org/wordpress/wp-content/uploads/2023/07/Common-Framework-of-Sustainable-Finance-Taxonomies-LAC.pdf. 272
Charlotte Gardes-Landolfini, International Monetary Fund, personal communication with REN21, 21 February 2023. Note: Statement reflects personal opinion and does not reflect the broader opinion of the IMF.273
Charlotte Gardes-Landolfini, International Monetary Fund, personal communication with REN21, 21 February 2023. Note: Statement reflects personal opinion and does not reflect the broader opinion of the IMF.274
International Monetary Fund, “ESG Monitor”, 8 February 2022, https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/ESG%20Monitor%20Q4%202021.pdf. 275
International Finance Corporation and Amundi Asset Management, “Emerging Market Green Bonds”, July 2023, https://www.ifc.org/content/dam/ifc/doc/2023/ifc-amundi-emerging-market-green-bonds-july2023.pdf. 276
Jonathan Gardiner and Tom Freke, “Green Bonds Reached New Heights in 2023 | Insights”, Bloomberg Professional Services, 8 February 2024, https://www.bloomberg.com/professional/blog/green-bonds-reached-new-heights-in-2023. 277
International Monetary Fund Climate Finance Policy Unit, “Climate Finance Monitor”, 1 February 2023, https:// www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/Climate%20Finance%20Monitor%20Q4%202022.pdf. 278
Dennis Heuer, “New European Green Bond Standard Is a Game-Changer”, White & Case LLP, 14 December 2023, https://www.whitecase.com/insight-our-thinking/new-european-green-bond-standard-game-changer. 279
Jonathan Gardiner and Tom Freke, “Green Bonds Reached New Heights in 2023 | Insights”, Bloomberg Professional Services, 8 February 2024, https://www.bloomberg.com/professional/blog/green-bonds-reached-new-heights-in-2023.280
Michelle Wong and Rebecca Palmer, “Impact Bond Analysis: Global Green Bond Issuance Booms”, 2023, https://www.ice.com/insights/impact-bond-report-q2-2023. 281
Emma Gordon, “How Can Sustainable Debt Support China's Energy Transition?”, International Energy Agency, 30 October 2023, https://www.iea.org/commentaries/how-can-sustainable-debt-support-chinas-energy-transition. 282
Michelle Wong and Rebecca Palmer, “Impact Bond Analysis: Global Green Bond Issuance Booms”, 2023, https://www.ice.com/insights/impact-bond-report-q2-2023. 283
Sunny Bokhari, “Can Record Global Green Bond Issuance Drive U.S. Market?” VanEck, 8 December 2023, https://www.vaneck.com/us/en/blogs/sustainable-investing/can-record-global-green-bond-issuance-drive-us-market. 284
Organisation for Economic Co-operation and Development (OECD), ed., “ESG Investing and Climate Transition, Market Practices, Issues and Policy Considerations”, OECD Business and Finance Outlook, 6th edition, 2020, https://doi.org/10.1787/eb61fd29-en. 285
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; International Monetary Fund Climate Finance Policy Unit, “Climate Finance Monitor”, 1 February 2023, https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/Climate%20Finance%20Monitor%20Q4%202022.pdf. 286
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-2023.287
Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023.288
European Commission, “Proposals to Strengthen the EU's Sustainable Finance Agenda”, 13 June 2023, https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3192. 289
European Council, “Environmental, Social and Governance (ESG) Ratings: Council and Parliament Reach Agreement”, 5 February 2024, https://www.consilium.europa.eu/en/press/press-releases/2024/02/05/environmental-social-and-governance-esg-ratings-council-and-parliament-reach-agreement. 290
US Securities and Exchange Commission, “Climate-Related Disclosures/ESG Investing”, 11 September 2023, https://www.sec.gov/securities-topics/climate-esg. 291
Karin Rives, “Wall Street Thrived, Small Towns Lost as Anti-ESG Campaign Raged in 2023”, S&P Global, 3 January 2024, https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/wall-street-thrived-small-towns-lost-as-anti-esg-campaign-raged-in-2023-79749380. 292
Gregg Wirth, “State ESG Laws in 2023: The Landscape Fractures”, Thomson Reuters Institute, 31 May 2023, https://www.thomsonreuters.com/en-us/posts/esg/state-laws; Karin Rives, “Wall Street Thrived, Small Towns Lost as Anti-ESG Campaign Raged in 2023”, S&P Global, 3 January 2024, https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/wall-street-thrived-small-towns-lost-as-anti-esg-campaign-raged-in-2023-79749380.293
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
Alastair Marsh, “JPMorgan's Exit from Climate Group Sparks ‘Greenhushing' Debate”, Wealth Management, 20 February 2024, https://www.wealthmanagement.com/etfs/bloomberg.com/news/articles/2024-02-16/what-s-greenhushing-jpmorgan-s-climate-group-exit-brings-new-term-to-light. 295
Box 1 from the following sources: data for October 2023 from “Global Fossil Fuel Commitments Database”, accessed 12 January 2024, https://divestmentdatabase.org; Catholics from Richard Valdmanis, “Insight: Defying Pope's Calls for Climate Action, US Catholic Bishops Cling to Fossil Fuels”, Reuters, 29 November 2023, https://www.reuters.com/business/environment/defying-popes-calls-climate-action-us-catholic-bishops-cling-fossil-fuels-2023-11-29; Brian Roewe, “In First for US Church, San Diego Diocese Divests from Fossil Fuels”, National Catholic Reporter, 12 January 2024, https://www.ncronline.org/earthbeat/faith/first-us-church-san-diego-diocese-divests-fossil-fuels; Andrew Binion, “Seattle University First in the State to Divest from Fossil Fuels”, Seattle University, 12 July 2023, https://www.seattleu.edu/newsroom/stories/2023/seattle-university-first-in-the-state-to-divest-from-fossil-fuels.html; Dharna Noor, “New York University Will Divest from Fossil Fuels in Win for Student Activists”, The Guardian, September 12, 2023, https://www.theguardian.com/us-news/2023/sep/12/new-york-university-fossil-fuel-divestment; insignificant from Nadia Ameli, Sumit Kothari and Michael Grubb, “Misplaced Expectations from Climate Disclosure Initiatives”, Nature Climate Change 11, no. 11 (November 2021): 917–24, https://doi.org/10.1038/s41558-021-01174-8; noteworthy impacts from Theodor F. Cojoianu et al., “Does the Fossil Fuel Divestment Movement Impact New Oil and Gas Fundraising?' Journal of Economic Geography 21, no. 1 (January 1, 2021): 141–64, https://doi.org/10.1093/jeg/lbaa027; increase in oil and gas financing from Cojoianu et al., idem; not necessarily re-invested from Ameli, Kothari and Grubb, op. cit. this note; “Divest Invest Website”, accessed 24 February 2023, https://www.divestinvest.org. 296
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. 297
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
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
International Monetary Fund, ‘Global Financial Stability Report, October 2022: Navigating the High-Inflation Environment', IMF, October 2022, https://www.imf.org/en/Publications/GFSR/Issues/2022/10/11/global-financial-stability-report-october-2022.300
Malin Emmerich and Karsten Loeffler, personal communication with REN21, 8 March 2024.301
MSCI, “ESG Investing: ESG Ratings”, accessed 24 February 2023, https://www.msci.com/our-solutions/esg-investing/esg-ratings; Cam Simpson, Akshat Rathi and Saijel Kishan, “The ESG Mirage”, Bloomberg, 10 December 2021, https://www.bloomberg.com/graphics/2021-what-is-esg-investing-msci-ratings-focus-on-corporate-bottom-line. 302
Mattias Taeger, “‘Double Materiality': What Is It and Why Does It Matter?” Grantham Research Institute on Climate Change and the Environment, 21 April 2021, https://www.lse.ac.uk/granthaminstitute/news/double-materiality-what-is-it-and-why-does-it-matter; Malin Emmerich and Karsten Loeffler, personal communication with REN21, 8 March 2024.303
Malin Emmerich and Karsten Loeffler, personal communication with REN21, 8 March 2024.304
Organisation for Economic Co-operation and Development (OECD), ed., “ESG Investing and Climate Transition, Market Practices, Issues and Policy Considerations”, OECD Business and Finance Outlook, 6th edition, 2020, https://doi.org/10.1787/eb61fd29-en.305
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
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. 307
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. 308
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
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. 310
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. Figure 11 from idem.311
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. 312
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. 313
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. 314
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. 315
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
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
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
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. 319
BloombergNEF, “Tripling Global Renewables by 2030”, 21 November 2023, https://assets.bbhub.io/professional/sites/24/BNEF_2023-11-21_triplingrenewables_Final.pdf; International Renewable Energy Agency (IRENA), “World Energy Transitions Outlook 2023”, 2023, https://www.irena.org/Digital-Report/World-Energy-Transitions-Outlook-2023; BloombergNEF, “Energy Transition Investment Trends 2024”, 2024, https://about.bnef.com/energy-transition-investment. Figure 12 from the following sources: historical investments from BloombergNEF, idem; IRENA 1.5 Scenario from IRENA, “World Energy Transitions Outlook 2023”, 2023, https://www.irena.org/Digital-Report/World-Energy-Transitions-Outlook-2023; Bloomberg Net Zero Scenario from “Tripling Global Renewables by 2030”, 21 November 2023, https://assets.bbhub.io/professional/sites/24/BNEF_2023-11-21_triplingrenewables_Final.pdf. Note that 2023-2025 requirements are USD 884 billion, increasing to USD 1.35 trillion in 2026-2030, from BloombergNEF, “Tripling Global Renewables by 2030”, 21 November 2023, https://assets.bbhub.io/professional/sites/24/BNEF_2023-11-21_triplingrenewables_Final.pdf.320
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. 321
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. 322
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
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

Preface

Module Content

Annex

Preface

MODULE CONTENT

Annex

Preface

MODULE CONTENT

Annex

Preface

Module Content

Annex

Preface

Module Content

Annex

RENEWABLES 2024GLOBAL STATUS REPORT

Global Overview

Investment and Finance

KEY FACTS

Energy System Investment

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

Sidebar 2. Development Finance for Renewable Energy

FIGURE 7.Share of Development Finance from Official and Private Donors for Renewable and Non-Renewable Energy Generation Projects, 2013-2022

FIGURE 8.Development Finance for Renewable Energy Generation by Donor and Recipient Region, 2022

FIGURE 9.Development Finance for Renewable Energy Generation by Channel, 2013, 2017 and 2022

Shifting Frameworks for Investment in Renewable Energy

Sustainable Finance Taxonomies

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

Green Bonds

ESG

BOX 1. Divestment from Fossil Fuels

Renewable Energy and Climate Finance

BOX 2. Oil and Gas Companies' Investment in Renewables

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

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

Footnotes

RENEWABLES 2024
GLOBAL STATUS REPORT