Solar PV investment leads the charge in the rise in renewable energy

The global renewable energy sector has witnessed a remarkable surge in investment, with solar photovoltaic (PV) technology leading the charge. China has emerged as the undisputed frontrunner in this transition, accounting for a staggering $675 billion in clean energy investment projected for 2024. This figure dwarfs the investments made by other major economies, such as Europe ($370 billion) and the United States ($315 billion). The International Energy Agency (IEA) forecasts that global investment in clean energy, which includes renewable energy sources like solar, wind, and hydropower, will reach $2 trillion in 2024. This would be the first-time clean energy investment has crossed the $2 trillion mark.

Solar PV: The Shining Star

Solar PV has experienced an unprecedented growth trajectory with global investment set to reach a record $500 billion in 2024. This surge can be attributed to the plummeting costs of solar modules, which have spurred new investments worldwide. China's dominance in this sector is undeniable, as the country accounts for a substantial portion of global solar manufacturing, with a 72% share in solar panel production and 50% in wind turbine manufacturing.

Renewable Energy Outpaces Fossil Fuels

The International Energy Agency (IEA) reports that in 2024, investment in renewables and nuclear power for electricity generation will be ten times higher than that in fossil fuel-fired power plants. This remarkable shift underscores the global commitment to transitioning towards a sustainable energy future. Furthermore, the combined investment in renewable power and grids surpassed the amount spent on fossil fuels for the first time in 2023.

Fossil Fuel Investment: A Stark Contrast

In contrast to the booming renewable energy sector, global upstream oil and gas investment is expected to increase by a mere 7% in 2024, reaching $570 billion. This growth is predominantly driven by national oil companies in the Middle East and Asia. Notably, the report finds that oil and gas investment in 2024 is far higher than projected in scenarios that align with national or global climate goals.

The Renewable Energy Transition: A Global Imperative

While China's leadership in the renewable energy sector is commendable, the report highlights significant disparities in international capital flows into energy. Emerging and developing economies (excluding China) are set to exceed $300 billion in clean energy spending for the first time, led by India and Brazil. However, this accounts for only about 15% of global clean energy investment, falling short of the levels required to meet the growing energy demands in these regions.



As the world grapples with the urgent need to address climate change and achieve sustainable energy security, the transition towards renewable energy sources has become a global imperative. The remarkable rise in solar PV investment, coupled with the surge in other renewable technologies, represents a pivotal step towards a greener future.

HSB Renewables, a leading provider of renewable energy solutions, is at the forefront of this transition. With a strong commitment to sustainability and innovation, we offer a comprehensive range of services, including solar PV installation, wind turbine maintenance, and energy storage solutions. By partnering with HSB Renewables, businesses and individuals can contribute to the global effort to reduce carbon emissions and embrace a more sustainable energy future.