This report, co-developed by the International Renewable Energy Agency (IRENA) and Climate Policy initiative, provides actionable recommendations for policy makers and other stakeholders to scale up investment and mobilise capital in the sector. While global investments in renewable energy have risen steadily in recent years, they remain far below the levels required to put the world on course for a climate-safe future. From about USD 300 billion globally in recent years, annual investments in renewables must triple to USD 800 billion by 2050 to fulfil key global decarbonisation and climate goals.
Renewable energy has proven resilient and flexible amid the COVID-19 crisis, as well as providing a valuable opportunity to align economic recovery with sustainable development and climate goals. By placing renewables at the centre of stimulus plans, governments can attract investments, increase investor confidence, strengthen national energy strategies and fulfil climate pledges under the Paris Agreement.