Global investment in renewable energy, power grids and battery storage reached $1.19 trillion in 2024, surpassing the $1.13 trillion spent on fossil fuels, according to a new report.
The study, Global Landscape of Energy Transition Finance 2025, published by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative, found that about one‑third of the total went to renewable technologies, lifting investment in the sector to $807 billion.
Despite the milestone, annual growth slowed sharply, with renewable investment rising 7.3% in 2024 compared with 32% the previous year. The report was released ahead of COP30 in Belém, Brazil.
It said 96% of renewable investment went into the energy sector, continuing a long‑term trend. Solar photovoltaic attracted a record $554 billion, up 49% from 2023.
The report noted that while renewable and grid investment exceeded fossil fuel spending, 90% of the funding was concentrated in advanced economies and China, leaving emerging and developing countries behind.