RENEWABLES 2024
GLOBAL STATUS REPORT

Economic and Social Value Creation

2024

Capital Flows

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Sources of Renewable Energy Investment

Typically, the private sector has driven investment decisions related to energy assets, with corporations providing on average 48% of total energy investment between 2018 and 2023 and households 15%; governments and state-owned enterprises contributed 37%. 123 However, this varies greatly by country: in emerging and developing economies, governments provided near 50% of investment on average, compared to only 15% in advanced economies. 124

Renewable energy has enhanced the role of citizens in energy investments. Driven by increasing investments in rooftop solar, buildings efficiency, and electric vehicle purchases, households (mainly wealthier) have become key actors in energy investment decisions, doubling from a 9% share of total investment in 2015 to 18% in 2023. 125

The growing deployment of renewable technologies has driven innovations that both improve production efficiency and lower costs. 126 Large cost reductions in renewables in the past decade have increased their competitiveness compared to fossil fuels. In 2023, the global weighted average levelised cost of electricity (LCOE) from newly commissioned renewable projects fell across most technologies, including solar PV (down 12%), hydropower (7%), offshore wind (7%), onshore wind (3%) and concentrating solar power (CSP; 4%). 127

In 2023, an estimated 81% of the total utility-scale renewable power projects added during the year had lower costs than their fossil fuel-fired alternatives. 128 This means that renewable energy is already leading to cost savings. As of 2023, the total renewable power deployed globally since 2000 had saved an estimated USD 409 billion in fuel costs in the power sector. 129 Such cost savings allow countries, particularly small island developing states (SIDS), to invest more in required climate change adaptation measures. 130

However, the LCOE alone does not determine whether an investment decision is made. The upfront cost of renewable energy deployment can be significant for countries and communities with limited resources, requiring financial and technical support. 131

The distribution of investment over time is an important factor in decisions as well. Capital expenditure for renewable energy projects is concentrated in the deployment phase; projects require a large upfront investment but then typically have low operating costs and no fuel costs (in the case of solar and wind). Given the capital intensity of renewables, access to capital is an essential building block of energy transitions everywhere. However, access to funds is uneven worldwide, which could lead to a two-speed energy transition. 132 In 2022, the weighted average cost of capital for onshore wind power and solar PV neared 10% in low-income countries and 4% in high-income economies. 133 (See Figure 3.)

Fiscal Policy for Renewables: Taxation and Subsidies

Fiscal policy can be mobilised for renewable energy in two main ways. Firstly, the revenue from certain fiscal instruments (especially fossil fuel taxes) can be used to enhance spending on renewables. Secondly, that extra fiscal space generated can be used in the form of tax reductions or subsidies for renewable energy.

Taxation and Public Budgets

In 2023, the income from carbon pricing instruments globally surpassed USD 100 billion, a record high, growing from USD 26 billion in 2015. 134 The number of such instruments, including carbon taxes and emission trading systems, increased from 38 in 2015 to 74 in 2023. 135 However, income from energy-related fiscal policies represents only a small part of total public revenues. In the Euro area, energy taxes contributed 4.8% of public revenues in 2019. 136

Carbon pricing can be a tool to raise revenues that can then be used for renewable energy finance in developing countries. 137 Carbon pricing can be a tool to raise revenue that can then be used to finance projects of renewable energy in developing countries. However, since this revenue is volatile and will fluctuate and diminish in the long term, countries may establish a dedicated fund to support renewable energy. This fund can be financed by carbon revenues as well as other sources, ensuring its long-term sustainability. 138

In 2023, around 52% of carbon revenues worldwide were used for climate and nature expenditures (including renewables). 139 Germany is dedicating a lot of its carbon revenue to energy efficiency in buildings, decarbonising industry, electromobility and renewable energy through the Climate and Transformation Fund (KTF). 140 In the United States, close to 90% of the revenue from the Regional Greenhouse Gas Initiative (RGGI) i is being applied to energy efficiency, electrification, greenhouse gas abatement, and clean and renewable energy. 141 Japan is using the entirety of revenues from its carbon tax to support low-carbon innovation, energy saving for small and medium-sized enterprises and financial assistance for local projects in energy savings and renewables. 142 In Denmark, a tax on air passengers is being used to finance the transition to greener practices in the aviation industry. 143 The government's proposed average tax of DKK 100 (USD 14.35) on air travel would help finance the industry's green transition, which aims to enable all domestic flights to use 100% sustainable fuels by 2030. 144

Tax Reductions and Tax Breaks for Renewables

Tax reductions have become an increasingly popular policy choice to encourage the deployment of renewable energy and enabling technologies. Subsidies are mainly consumer facing, aimed at making these technologies accessible to households. While some countries (such as Iceland) are subsidising imports, others (such as Italy) are using subsidies to increase local manufacturing competitiveness (See Local Value Creation section).

FIGURE 3.Weighted Average Cost of Capital for Onshore Wind Power and Solar PV, by Country Income Level, 2022

FIGURE 3.

Source: See endnote 133 for this module.

In 2022, there was a gap of over 4 percentage points in the cost of capital for onshore wind and solar PV between low- and high-income economies.

In 2023, at least two countries implemented tax breaks or value-added tax (VAT) incentives to promote the uptake of electric vehicles. China committed to a CNY 520 billion (USD 72.3 billion) package of tax breaks over four years for electric vehicles and other green cars. 145 So-called new energy vehicles purchased in 2024 and 2025 will be exempted from the purchase tax of as much as CNY 30,000 (USD 4,170) per vehicle. 146 In Iceland, the government committed to VAT incentives totalling USD 74 million (ISK 10.2 billion) on imported electric cars; although this amount will decrease in 2024, a total of USD 55 million (ISK 7.5 billion) will be provided to the Energy Fund (Orkusjóður) to continue supporting energy conversion projects. 147

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Tax breaks were also put in place in 2023 to support solar PV deployment and heat pumps in the residential sector. In Belgium, buildings less than 10 years old can benefit from a reduced VAT (from 21% to 6%) on solar panels, solar water heaters and heat pumps. 148 In the United Kingdom, VAT rates on heat pumps, solar panels for residential accommodations and battery storage were reduced to 0% for a five-year period. 149 In Ireland, a zero VAT rate was approved for the supply and installation of solar panels. 150

Other important tax breaks in 2023 included Portugal's tax exemption for decentralised renewable electricity networks and Italy's National Recovery and Resilience Plan, where tax breaks are awarded to manufacturers that build their solar modules in the EU. 151

Subsidies

In 2023, countries spent USD 616 billion in fossil fuel subsidies, the second highest amount on record although down from the USD 1.2 trillion in direct subsidies in 2022. 152 This is despite global agreements at two recent UN Climate Change Conferences (COP 26 and COP 27) to accelerate efforts to phase out inefficient fossil fuel subsidies, and the agreement at COP 28 to transition away from fossil fuels. 153

A large portion of these subsidies can be labelled as “inefficient” in their distribution, as they are not sufficiently targeted at vulnerable communities. Only 14% of fossil fuel subsidies in 2023 were aimed at uses related to lower-income households, and the poorest 20% of consumers received only 10% of the total. 154 Moreover, these subsidies can be draining for public budgets in developing economies, increasing public deficits. In Senegal, fuel subsidies represented 4% of the GDP in 2022. 155

Globally, public support for clean energy (including renewables) in 2023 was one-tenth the amount of subsidies allocated for fossil fuel consumption. 156 In developing countries, the average public support for renewable energy between 2016 and 2023 was less than 2.5% (or one-fortieth) the amount of public fossil fuel subsidies (USD 10.3 billion for renewables versus USD 438 billion for fossil fuels). 157

In 2023, public support for clean energy (including renewables) was 1/10th the amount of fossil fuel consumption subsidies.

In 2023, several countries put in place subsidy programmes targeted at vulnerable communities, with a focus on farmers. In Poland, a new programme provides subsidies totalling USD 250 million (PLN 1 billion) to farmers and energy co-operatives in rural communes, with the aim of financing biogas and hydropower plants, solar PV installations, wind turbines and energy storage facilities integrated with these plants. 158 In the United Kingdom, the Improving Farming Productivity Grant will for the first time include grants of between USD 19,630 and USD 130,880 (GBP 15,000 and GBP 100,000) towards solar equipment on farms. 159 Greece implemented a USD 219 million (EUR 200 million) “Photovoltaics on the Roof” programme that subsidises PV installations for households up to 75% and farmers up to 60%. 160 The savings on energy bills will approach USD 3,291 (EUR 3,000) per year, which will improve affordability (See Affordability section). In the United States, the 2023 budget of the Department of Agriculture allocates USD 300 million in grants, loans and debt forgiveness to rural electricity providers in the transition to clean energy sources including renewable energy, in addition to USD 6.5 billion in loans for rural electric utilities. 161

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Also in 2023, the government of Switzerland allocated USD 700 million (CHF 600 million) in subsidies to solar PV in the form of one-time payment for small PV systems (KLEIV) to all system operators as well as auctions for large PV systems of 150 kW or more, receiving a high one-time payment covering up to 60% investment costs. 162 In Ireland, the support scheme for Renewable Heat (SSRH) was expanded, increasing the maximum support for heat pump installation from 30% to 40%, and continuing the USD 3.8 million (EUR 3.5 million) support scheme for biomass applications for another 15 years. 163

In Asia, India aims to add 30 gigawatts (GW) of rooftop solar capacity with a USD 9 billion scheme that covers between 40% and 60% of project costs for households. 164 Japan, as part of its Sixth Strategic Energy Plan, announced new feed-in-tariff rates that apply for new residential, commercial and industrial solar installations in 2024 and 2025. 165

Sources and Flows of Finance

Between 2018 and 2023, nearly three-quarters (74%) of the funding for clean energy came from commercial actors such as private companies and households. 166 Public finance accounted for around 24%, and development finance institutions contributed 1%. 167 However, the distribution of financing varies by region. In China, the government's share of financing is high at more than 35%, whereas in advanced economies the share is below 23%. 168

As key providers of finance, commercial banks can shift capital flows away from fossil fuels and towards renewables. Fossil fuel financing ii by the world's top 60 private banks totalled USD 705.8 billion in 2023, 9% less than in 2022. 169 However, efforts to shift financing towards renewable energy are lagging. Of the top 60 private banks, only 6 had financial targets for renewable power supply and none had clear targets for renewable energy capacity, while 1 had robust restrictions on oil and gas expansion and 3 had restrictions on coal expansion. 170

Alternative Business and Financing Models

Traditional financing models rely heavily on commercial banks and government subsidies, making them less-suited for off-grid or mini-grid projects. 171 The growing use of innovative financing and business models as well as financial aggregation have helped support the development of distributed renewable energy in recent years. In the developed world, community finance and peer-to-peer trading have emerged more readily, whereas in the developing world pay-as-you-go (PAYG) and results-based financing (RBF) are more commonly applied. Digitalisation continues to further the development of different models including peer-to-peer and PAYG. 172 (See also Snapshot: France in the Community Energy section.) In developing countries, the so-called PURE model, or “productive use of renewable energy”, has also gained attention. 173 (See Box 2. and Snapshot: Togo.)

BOX 2. Productive Use of Renewable Energy

In addition to well-established peer-to-peer trading and PAYG models, the “productive use of renewable energy” model, or PURE, has gained traction as a way to increase access to clean and affordable energy as well as support livelihoods and foster development.

PURE is a way to support the expansion of energy access while helping communities generate revenue. The idea is that providing funding and investment for renewable energy solutions alone is not sufficient to foster local value creation if there is no electricity demand in the first place. In other words, local businesses must be given financial tools such as loans and subsidies to purchase equipment to create electricity demand that would further foster the development of more renewable energy projects.

Examples of PURE include cooling solutions (such as refrigerators), water pumps for agriculture, charging devices, fishing lights, communication devices (phones with internet), and mini-grids for productive use and businesses. PURE can not only boost clean electricity use but also support low-carbon economic growth, create employment opportunities, increase income for rural communities and contribute to the economic empowerment of women. Estimates suggest that market opportunities in the PURE sector in the coming decade could total as much as USD 864 billion.

Source: See endnote 173 for this module.

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Peer-to-peer trading models – in which a direct contract is made between the energy generator and the energy user via a decentralised transaction – have been in place for a number of years, with early trading platforms in Germany, the Netherlands, the United Kingdom and the United States. 174 A flurry of academic literature has addressed technology options to facilitate this model (such as blockchain) as well as challenges with guaranteeing security and high-quality electricity delivery, ensuring fair and impartial energy sharing among community members, time-lags in reaching agreements on the ultimate supply of energy and predicting system behaviour for grid operators. 175

Pay-as-you-go (PAYG) models have attracted increasing financing for renewables, particularly for off-grid solar PV in developing countries. 176 This structure allows users to purchase an off-grid energy system with an initial down payment, followed by period payments ranging from six months to eight years, ultimately shifting the upfront costs of purchasing a system while avoiding risks such as system failure. 177 The existing mobile money ecosystem in East Africa, particularly in Kenya, Rwanda, and Tanzania, has facilitated use of the PAYG model there. 178 Successful providers include Angaza, Bboxx, d.light and M-KOPA. 179 Koolboks, initiated in 2020, has been offering PAYG options in Kenya and Nigeria for solar-powered refrigerators. 180 In 2023, M-KOPA secured more than USD 250 million in debt and equity to fund its expansion beyond Ghana, Kenya and Nigeria to include South Africa. 181

Snapshot. Togo

Supporting Productive Use of Renewable Energy Through Project CIZO

Project CIZO (“sun” in Togolese) aims to electrify some 600,000 off-grid households using the pay-as-you-go model and a range of demand-side subsidies, such as long-term tax exemptions. Among the goals of the programme is to provide cheap solar kits to more than 2 million citizens by 2025. As of June 2023, the project provided some 134,431 solar kits. More broadly, the project aims to support off-grid communities, healthcare centres, households, and small farms by enabling productive use of renewable energy, improving energy access and boosting livelihoods in rural areas. Solar irrigation pumps provided by the project provide water to irrigate fields while allowing farmers to save money on electricity.

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Supporting Productive Use of Renewable Energy Through Project CIZO

Project CIZO (“sun” in Togolese) aims to electrify some 600,000 off-grid households using the pay-as-you-go model and a range of demand-side subsidies, such as long-term tax exemptions. Among the goals of the programme is to provide cheap solar kits to more than 2 million citizens by 2025. As of June 2023, the project provided some 134,431 solar kits. More broadly, the project aims to support off-grid communities, healthcare centres, households, and small farms by enabling productive use of renewable energy, improving energy access and boosting livelihoods in rural areas. Solar irrigation pumps provided by the project provide water to irrigate fields while allowing farmers to save money on electricity.

The project is led by the Togolese Rural Electrification and Renewable Energies Agency (AT2ER) and is funded by the African Development Bank, the EU-Africa Infrastructure Trust Fund, the Sustainable Energy Fund for Africa, and the government of Togo, which together contributed USD 32.3 million. By September 2023, the project had installed 122 solar water heaters in health centres and provided electricity to 87 peripheral care units. In total, 153 immersion and surface pumps have been deployed on farms.

Source: See endnote 173 for this module.

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Alternative business and financial models have supported the uptake of distributed renewables in recent years.

Result-based financing, or RBF, involves a mechanism through which a funder makes payments only upon achievement of pre-defined results, thereby linking financing more directly with outputs and outcomes. 182 In the energy sector, RBF may be used for projects with verifiable results, such as households provided with a working electrical connection, or private sector companies, community organisations and public providers that deliver basic energy services. 183 RBF has been used in the energy sector for around a decade, focused largely on energy access projects in Africa, although examples also exist in South-East Asia and in Latin America and the Caribbean. 184 Early RBF for solar PV was focused on smaller solar energy kits such as multi-light systems, although more recently the focus has shifted to larger-capacity solar home systems. 185 The model has also been applied to clean cooking – primarily improved biomass cookstoves. 186

In mid-2023, the Universal Energy Facility, a multi-donor RBF facility managed by Sustainable Energy for All, signed multiple grant agreements with mini-grid companies in the DRC, Madagascar and Sierra Leone for a total of USD 10.4 million to develop 29 mini-grids with a combined capacity of some 3.7 MW. 187 Beyond the Grid Fund for Africa (BGFA) offers RBF for private energy companies with a track record of successfully implementing sustainable energy projects in Sub-Saharan Africa. 188 In June 2024, a USD 5.4 million (EUR 5 million) RBF agreement was signed between BGFA and Nuru Sasa (DRC) to establish a new mini-grid in the country. 189

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Financial aggregation refers to the grouping of small-scale energy assets (such as distributed renewable energy) into portfolios to achieve scale and attract larger investments. 190 It can be in the form of securitisation of future cash flows and the aggregation of these into pooling structures, typically special purpose vehicles (SPVs). 191 Until recently, financial aggregation for distributed renewables was rare, although early examples were applied in Kenya (by Bboxx in 2015 and Brighter Life Kenya 2 in 2022) as well as in Sierra Leone (by Winch Energy in 2021) and in Uganda. 192 In 2023, two new securitisation structures for off-grid solar were announced: a USD 130 million transaction pooling payments from SunKing customers in Kenya, and the expansion of d.light's securitisation beyond Kenya into Tanzania, bringing total financing to USD 490 million. 193

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Footnotes

i The RGGI is a co-operative effort among the US states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, Vermont and Virginia to cap and reduce CO2 emissions from the power sector.

ii Lending and underwriting to the fossil fuel sector.

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Report Citation:
REN21. 2024. Renewables 2024 Global Status Report Collection, Economic & Social Value Creation

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