IEA Forecasts Solar PV Investment to Exceed USD 500 Billion in 2024

The International Energy Agency (IEA) has projected that global investment in solar photovoltaic (PV) technology will exceed USD 500 billion in 2024, outpacing all other power generation technologies combined. Despite a slight moderation in growth due to declining PV module prices, solar PV remains a pivotal part of the power sector’s transformation. In 2023, the energy output per dollar invested in wind and solar PV was 2.5 times greater than a decade ago.

The report highlights significant investment increases in clean energy across major economies. The U.S. is expected to see its clean energy investment rise to over USD 300 billion in 2024, while the European Union is projected to invest USD 370 billion, and China is anticipated to lead with nearly USD 680 billion in clean energy spending.

Emerging markets and developing economies, especially in India, Southeast Asia, Brazil, and Africa, are also showing substantial growth in renewable energy investments due to policy reforms and improved grid infrastructure. This global shift towards solar PV investment underscores the critical role of renewable energy in achieving emissions reduction targets and enhancing energy security.