Renewable Energy Investment to Reach $3.1 Trillion by 2024

New Delhi, Nov 5 (PTI) The renewable energy investment globally is likely to register 29 per cent growth to touch USD 3.1 trillion in 2024 against USD 2.4 trillion in 2018, a report said Tuesday.

The Ministry of New and Renewable Energy (MNRE), in a statement, said that as per the World Investment Report, the solar segment leads the renewable energy investments, accounting for 59 per cent of the total, driven by lower costs, with APAC (Asia Pacific region) emerging as the top investing region.

"The latest report highlights a global shift toward sustainable energy, with energy investments rising from USD 2.4 trillion in 2018 to USD 3.1 trillion by 2024," the report said.

The report was released by MNRE Minister and ISA President Pralhad Joshi at the ongoing assembly of the International Solar Alliance held in the national capital.

Joshi also launched three other reports, namely the World Solar Market Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries, the statement said.

The World Solar Market Report said exceptional growth was witnessed in solar, with global capacity soaring from 1.22 GW in 2000 to 1,418.97 GW in 2023.

The manufacturing in the segment is also expected to exceed demand, making solar more affordable. Solar jobs have surged to 7.1 million, and global capacity may reach 7,203 GW by 2030, it said.

The World Technology Report showcased advancements in solar technology, emphasising breakthroughs in efficiency, sustainability, and affordability.

The report on Readiness Assessment of Green Hydrogen African Countries highlighted green hydrogen's potential to decarbonise industries heavily reliant on fossil fuels like steel and fertiliser production.

Produced through renewable-powered electrolysis, green hydrogen offers a viable alternative to coal, oil, and gas, supporting Africa's transition to cleaner energy, it said.