Under Construction
Country Sector Sovereign / Non-Sovereign Title Commitment in UA Status Signature Date
Multinational Power Sovereign Multinational - Nigeria-Niger-Benin-Burkina Faso Power Interconnection Project 36,500,000 Implementation
Djibouti Power Sovereign Djibouti – Geothermal Exploration Project in the Lake Assal Region 10,740,000 Implementation
Multinational Power Sovereign Multinational - Projet d’interconnexion électrique Cameroun- Tchad (composante Tchad) 27,500,000 Implementation
Madagascar Power Sovereign Madagascar - Etude de faisabilité du projet de renforcement et d'interconnexion des réseaux de transport d'énergie électrique 1,000,000 Implementation
Multinational Power Sovereign Multinational - 225KV Guinea-Mali Electricity Interconnection Project 30,000,000 Implementation
Multinational Power Sovereign Multinational - 225KV Guinea-Mali Electricity Interconnection Project 30,000,000 Implementation
Mali Power Sovereign Mali - Mini Hydropower Plants and Related Distribution Networks Development Project (PDM-Hydro) 20,000,000 Implementation
12 Nov 2020
Tags
Energy Access
Finance and Investment
Renewable Energy
IRENA Renewable Energy Finance 2020

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.

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.

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.

Among other findings:

  • Regions dominated by developing and emerging economies remained consistently under-represented, attracting only 15% of global investments in renewables in 2013-2018. 
  • Public financing resources, although limited, are crucial to lower risks, overcome initial barriers, attract private investors and bring new markets to maturity. 
  • Annual financial commitments to off-grid renewables reached USD 460 million in 2019, up from just USD 250 000 known worldwide in 2007. However, off-grid renewables still represent only 1% of the overall finance for projects to expand energy access worldwide. 
  • Sub-Saharan African countries attracted 65% of the world’s off-grid renewable energy investments over 2007-2019, with investments concentrated especially in East Africa.
  • Solar photovoltaic (PV) and onshore wind power consolidated their dominance of the finance landscape in 2013-2018, attracting, respectively, 46% and 29% of global investments in renewables.

Download the report below.