Clean energy needs $550bn investment a year to hit targets

Investments in clean energy are snowballing with better and cheaper finance options available

One of the biggest barriers to clean energy’s advance has been finding funding to bolster its growth. But as financing has become cheaper and easier, global investment in clean energy has risen significantly, from $60.2 billion in 2004 to $310bn in 2014 – a whopping 415% jump. Still, if the global energy system is going to scale up renewable energy to 36% or more of the total energy mix by 2030, which would keep global warming at an acceptable threshold, then $550 billion is needed every year – a rise of 80% on last year’s spend – analysis from the Abu Dhabi-based International Renewable Energy Agency (Irena) shows. In February, Citigroup, one of the world’s largest financial institutions, m