Editing Renewable energy (section)

== Finance ==
The [[International Renewable Energy Agency]]'s (IRENA) 2023 report on renewable energy finance highlights steady investment growth since 2018: USD 348 billion in 2020 (a 5.6% increase from 2019), USD 430 billion in 2021 (24% up from 2020), and USD 499 billion in 2022 (16% higher). This trend is driven by increasing recognition of renewable energy's role in mitigating climate change and enhancing [[energy security]], along with investor interest in alternatives to fossil fuels. Policies such as [[feed-in tariff]]s in China and Vietnam have significantly increased renewable adoption. Furthermore, from 2013 to 2022, installation costs for solar photovoltaic (PV), onshore wind, and offshore wind fell by 69%, 33%, and 45%, respectively, making renewables more cost-effective.<ref>{{Cite web |date=2023-02-22 |title=Global landscape of renewable energy finance 2023 |url=https://www.irena.org/Publications/2023/Feb/Global-landscape-of-renewable-energy-finance-2023 |access-date=2024-03-21 |website=www.irena.org |language=en}}</ref><ref name=":1">{{Cite web |date=February 2023 |title=Global landscape of renewable energy finance 2023 |url=https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/2023/Feb/IRENA_CPI_Global_RE_finance_2023.pdf?rev=8668440314f34e588647d3994d94a785 |website=International Renewable Energy Agency (IRENA) |access-date=21 March 2024 |archive-date=21 March 2024 |archive-url=https://web.archive.org/web/20240321092402/https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/2023/Feb/IRENA_CPI_Global_RE_finance_2023.pdf?rev=8668440314f34e588647d3994d94a785 |url-status=dead }}</ref>

Between 2013 and 2022, the renewable energy sector underwent a significant realignment of investment priorities. Investment in solar and wind energy technologies markedly increased. In contrast, other renewable technologies such as hydropower (including [[Pumped-storage hydropower|pumped storage hydropower]]), [[Biomass (energy)|biomass]], [[biofuel]]s, [[Geothermal energy|geothermal]], and [[marine energy]] experienced a substantial decrease in financial investment. Notably, from 2017 to 2022, investment in these alternative renewable technologies declined by 45%, falling from USD 35 billion to USD 17 billion.<ref name=":1" />

In 2023, the renewable energy sector experienced a significant surge in investments, particularly in solar and wind technologies, totaling approximately USD 200 billion—a 75% increase from the previous year. The increased investments in 2023 contributed between 1% and 4% to the GDP in key regions including the United States, China, the European Union, and India.<ref>{{Cite web |date=2024-04-18 |title=Clean energy is boosting economic growth – Analysis |url=https://www.iea.org/commentaries/clean-energy-is-boosting-economic-growth |access-date=2024-04-30 |website=IEA |language=en-GB}}</ref>

The energy sector receives investments of approximately USD 3 trillion each year, with USD 1.9 trillion directed towards [[Sustainable energy|clean energy]] technologies and infrastructure. To meet the targets set in the [[Net zero emissions|Net Zero Emissions]] (NZE) Scenario by 2035, this investment must increase to USD 5.3 trillion per year.<ref>{{Cite web |last=International Energy Agency |first=IEA |date=May 2024 |title=Strategies for Affordable and Fair Clean Energy Transitions |url=https://iea.blob.core.windows.net/assets/d3a68a4e-7f55-4c6a-8f4f-ce2e55475701/StrategiesforAffordableandFairCleanEnergyTransitions.pdf |access-date=30 May 2024 |website=www.iea.org}}</ref>{{Rp|page=15}}