In 2022, investments in renewable energy reached $500 billion – Reuters
According to the publication, most of the funds were directed towards solar photovoltaic and wind energy
In 2022, investments in renewable energy reached $500 billion, which constitutes about a third of the average volume of investments needed annually to adhere to the Paris Agreement, which calls for limiting global warming to 1.5 degrees Celsius.
This is reported by Reuters, citing the International Renewable Energy Agency (IRENA).
In addition, most of the investments were directed towards solar photovoltaic and wind energy, with 95% of them going to these technologies last year.
"More funding should go into other energy transition technologies, such as biofuels, hydroelectric power, and geothermal energy, as well as sectors beyond energy, such as heating and transportation," IRENA noted.
The agency called for larger and more diversified investments from both states and private investors. This is because, according to it, investments in the energy transition are currently too concentrated on a few technologies and countries.
Background. Earlier, Mind reported that Transgrid planned to invest $11 billion in preparing an Australian state for a transition to 100% renewable energy.
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