BAKU, Azerbaijan, September 24. The global volume of investments in the development of solar energy (SES) will exceed $500 billion in 2024, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC) Simon Stiell said, Trend reports.
He made the remark at the Sustainable Investment Forum within the framework of the ongoing UN Climate Week in New York.
Stiell pointed out that the cash is flowing into solar energy like water over a dam, outpacing all other green energy technologies put together.
At the same time, he believes that great investment opportunities are opening up not only in SES but also in wind power, as well as in other decarbonization actions in the world.
To note, the International Renewable Energy Agency (IRENA) reported today in New York that renewable energy production is getting cheaper, spurring ambitions to tackle climate challenges.
“The global average cost of electricity generation (LCOE) from solar power plants in 2023 fell by 12 percent and continues to drop. For offshore wind power and hydropower, LCOE decreased by 7 percent, for onshore wind power - by 3 percent," the report published by IRENA noted.
Experts from this international agency calculated that the average global cost of electricity from utility-scale solar installations fell to $0.044 per kWh and onshore wind power to $0.033 per kWh.
“In such a situation, significant growth is expected for renewable energy in the coming years,” IRENA believes.