For the first six months of 2023, some $350 billion has been invested in renewable energy, a 22% rise compared with the same period last year and a record for any 6-month period, proof that the energy transition to greener sources of energy is scaling up.
A grand total of $358 billion of new investments has been injected in renewable energy in the first half of 2023, with $335 billion dedicated to projects deployment through both asset finance and small-scale solar, a 14% rise from the same period in 2022.
China remains the largest market with a total of $177 billion of new investments, a 16% rise from the same period last year. The United States secured $36 billion in new investments, and Germany $11.9 billion. Solar continues to break records when it comes to investments. In China, the price of modules is lower, there is a robust rooftop photovoltaic market, and the country plans on developing large-scale wind and solar installations in desert areas. New records in investments are most welcome, especially since for reaching the global net-zero trajectory by 2050, thus keeping global warming well below 2°C, there needs to be a total investment of $8.3 trillion on renewable energy deployment between 2023 and 2030, or the equivalent to $590 billion invested per six-month period.