Global Renewable Energy Surge: Investment to Hit $3.1 Trillion by 2024

Global renewable energy investment is set to grow by 29% to $3.1 trillion by 2024, driven by the solar sector's dominance. The Asia Pacific region leads this growth. The report, released by MNRE and ISA President Pralhad Joshi, highlights substantial advancements in solar technology and green hydrogen potential.

Global renewable energy investment is projected to grow by 29%, reaching $3.1 trillion by 2024, up from $2.4 trillion in 2018, according to a new report. The solar sector leads these investments, accounting for 59% of the total, with costs dropping and the Asia Pacific region driving the majority of the investments.

The Ministry of New and Renewable Energy (MNRE) released the World Investment Report at the International Solar Alliance assembly, highlighting the global shift towards sustainable energy practices. The report emphasizes how solar capacity rocketed from 1.22 GW in 2000 to an astounding 1,418.97 GW in 2023, with future projections showing a potential increase to 7,203 GW by 2030.

Alongside the investment report, MNRE Minister and ISA President Pralhad Joshi introduced three additional reports covering the global solar market, advancements in solar technology, and green hydrogen readiness in African countries. These documents underline significant progress in solar efficiency and sustainability, as well as green hydrogen's promise for decarbonizing energy-intensive industries in Africa.

(With inputs from agencies.)