WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 307
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ENERGY IN
THE REGIONS
Investments
FIGURE 5
Annual investment in the power sector by geography and category, 2021-2024
Advenced economies
• Investment in renewable power rose rapidly
across the board, with promising momentum for
spending on grids, nuclear and battery storage
in 2024
China
• Global investment in the power sector grew by
15% in 2023, reaching a record $1.3 trillion
Other EMDE
• Global spending on renewables also hit a new
record of $735 billion, driven by solar PV and
wind
Billion $ (2023, MER)
400
300
200
Grids
FFP
Nuclear
BESS
REP
2021
Grids
2022
FFP
Nuclear
2023
BESS
REP
Grids
FFP
Nuclear
BESS
2024e
Notes: REP = renewable power. FFP + fossil fuels power. BESS = Battery Energy Storage System. Investment spending on BESS in other EMED is so small
(USD 2 billion in 2024e) that it can almost not be detected on teh charts. 2024e = estimated values for 2024.
Source: IEA
307
REP
WEMO 2024
100
