World Invests Trillions of Dollars in Renewable Energy Sources, But It's Not Enough
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Global investments in clean energy have increased by 40 percent since 2020, reaching $1.8 trillion in 2023. These investments were primarily made in developed countries and China – developing countries accounted for only about 15 percent of this total.
However, to combat climate change, it's necessary to double the value of investments in clean energy development in these countries as well. Especially since, according to a report by the IEA (International Energy Agency), the capital costs for projects such as photovoltaics in these countries are more than twice as high as in developed countries.
Meanwhile, even a small portion of the total investment expenditure – less than $50 billion annually – would be sufficient to ensure universal access to electricity and clean fuels in developing countries.
