REN21’s Global Status Report reveals that investment in renewable energy accounted for seven per cent of global GDP growth in 2023 and created 16.2 million jobs worldwide.

The Renewables for Economic & Social Value Creation module of REN21’s Renewables 2024 Global Status Report emphasises the myriad benefits of renewable energy for economic growth in global GDP growth, social progress, and climate resilience.

With savings in fuel costs reaching $409bn since 2000 renewables are the fastest growing and most stable and cost-effective source of energy yet public funding for renewable energy remains vastly lower than for fossil fuels where countries spent $616bn in fossil fuel subsidies in 2023, underscoring the urgent need for stronger, targeted policy and finance attention. With fossil fuel investments by banks falling by nine per cent in 2023, only six of the top 60 banks targeting renewable finance, showing that renewables still facing significant barriers to scaling.

---