From 2015 to 2024, Clean Energy Investment Nearly Doubles Fossil Fuel Spending

Clean Energy

Global energy investment is projected to exceed USD 3 trillion for the first time in 2024, with USD 2 trillion allocated to clean energy technologies and infrastructure. Since 2020, investment in renewables, grids, and storage has surged, outpacing spending on fossil fuels. In 2024, total global energy investment reached USD 2.8 trillion, with over 60% (USD 1.8 trillion) dedicated to green energy.

• Global energy investment is projected to exceed USD 3 trillion for the first time in 2024, with USD 2 trillion allocated to clean energy technologies and infrastructure. Since 2020, investment in renewables, grids, and storage has surged, outpacing spending on fossil fuels. In 2024, total global energy investment reached USD 2.8 trillion, with over 60% (USD 1.8 trillion) dedicated to clean energy.
• The World Energy Investment report has long flagged the underinvestment in clean energy across emerging markets and developing economies (EMDE) outside China. Encouragingly, 2024 investments in these regions are expected to hit USD 320 billion, up 50% since 2020—matching growth in advanced economies, though still behind China’s 75% increase. Progress is especially evident in India, Brazil, Southeast Asia, and Africa, driven by improved policies, public tenders, and grid upgrades. Africa’s clean energy investments alone are expected to surpass USD 40 billion, nearly double 2020.
• Solar PV leads power sector investments in 2024, projected to exceed USD 500 billion, outpacing all other generation sources combined. Even with falling module prices, solar remains essential. In 2023, each dollar invested in wind and solar PV produced 2.5 times more energy than a decade ago. Nuclear power is also rebounding, with 2024 investments projected at USD 80 billion, nearly double the 2018 low, and making up 9% of clean power spending.
• Investment in electricity grids, long stagnant at USD 300 billion annually, is forecast to rise to USD 400 billion in 2024, driven by efforts in Europe, the U.S., China, and Latin America. Latin American countries like Brazil, Chile, and Colombia have nearly doubled spending since 2021.
• AI and machine learning are transforming grid operations and energy efficiency—enabling precise forecasting, optimizing generation, and improving maintenance and demand management, benefiting providers and consumers.