According to a United Nations (UN) estimate, China, India, Japan, the United States, and Europe received 84% of roughly US$ 1 trillion in worldwide investment in energy transition technologies in 2021.
According to the report, annual investments between US$ 4 trillion-US$ 6 trillion would be necessary until 2030 to enable an equal transition to renewable energy. However, annual global energy-related investments have ranged between US$ 2 trillion-US$ 2.5 trillion since 2017. Furthermore, these investments are mostly focused in China, India, Japan, the United States, and Europe.
The findings were reported in the Global Crisis Response Group’s (GCRG) third brief on Food, Energy, and Finance, which was issued on Wednesday by UN Secretary-General Mr. António Guterres and UNCTAD Secretary-General Ms. Rebeca Grynspan.
The research emphasises the importance of doubling down on renewable energy sources in order to reach net-zero energy, combat energy poverty, and enhance and diversify the global energy mix.
According to a 2021 International Renewable Energy Agency analysis, more than two-thirds of newly installed renewable energy generation was cheaper than the cheapest fossil fuel option in the Group of 20 member countries.
