International Energy Agency predicts significant renewable energy investment for 2024

climate finance

The International Energy Agency (IEA) has published their latest World Energy Investment Report this week, which predicts global spending on renewable energy will reach $2 trillion in 2024. In comparison, they predict that spending on fossil fuels will reach $1 trillion.

China is expected to be responsible for the largest share of renewable energy investment, currently estimated at $675 billion. Investments for both Europe and the US will be approximately 50% lower, with $370 billion for Europe and $315 billion for the US. While this is positive news, there are still concerns regarding the rate of investment in developing countries being much lower and having an impact on climate targets as a result.

Fatih Birol, executive director of the IEA, has underpinned the importance of rectifying this situation by stating, ‘more must be done to ensure that investment reaches the places where it is needed most, in particular the developing economies where access to affordable, sustainable and secure energy is severely lacking today.’

This week, the IEA has also released analysis that states the world is not on track to triple renewable energy production by 2030. Available data suggests that the current actions of countries worldwide will allow us to meet 70% of this target, or 8,000GW of clean energy. Nevertheless, the IEA state that it is possible to make up the shortfall with further pledges and action. Increased investment throughout 2024 will hopefully go some way to supporting this.

An increase in renewable energy investment is likely to correlate directly with an increased need for renewable energy professionals and it is crucial that we avoid a skills gap which could slow progress. The Renewable Energy Institute is proud to provide a wide range of accredited renewable energy and energy efficiency courses to help close this gap. Browse our full list of available courses here.


Sources:

https://www.rechargenews.com/energy-transition/-2trn-clean-energy-investment-spree-to-be-double-fossil-spending-iea/2-1-1656343

https://www.theguardian.com/environment/article/2024/jun/04/world-will-miss-target-of-tripling-renewable-electricity-generation-by-2030-iea