However, despite being up 19% from 2021 investment levels and 50% from before the pandemic in 2019, more still is needed to meet a 1.5°C goal by 2050.
The report Global Landscape of Renewable Energy Finance 2023 is a joint report released by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI) on the sidelines of the Spanish International Conference on Renewable Energy in Madrid, Spain.
The report states that, although global investment in renewable energy reached a record high of $0.5 trillion in 2022, this still represents less than 40% of the average investment needed each year between 2021 and 2030, according to IRENA’s 1.5°C scenario.
