QAZAQ GREEN.Global investment in renewable energy reached a record USD 807 billion in 2024, according to the International Renewable Energy Agency (IRENA) and the Climate Policy Initiative. Total investments in the energy transition hit USD 2.4 trillion, a 20% increase over the 2022–2023 average.

Despite the record, year-on-year growth in renewables slowed to 7.3%, down from 32% in 2023. Most investment (96%) went into the power sector, with global solar PV investment reaching USD 554 billion, up 49%.

The report highlights a strong concentration of funding: 90% of investment remains in advanced economies and China, leaving emerging and developing countries behind. Financing is primarily through market-rate debt, with grants accounting for less than 1%.

Francesco La Camera, IRENA Director-General, stressed that achieving the goal of tripling renewable capacity by 2030 requires smarter use of public funds to unlock private capital, particularly for developing countries.

Investment in renewable energy manufacturing, including solar, wind, battery, and hydrogen technologies, remains highly concentrated. China accounts for 80% of these investments from 2018–2024, though new factories are emerging elsewhere, supporting energy security and socio-economic benefits in developing economies.