Investment in low-carbon projects to grow by $60B in 2023

Investments in various low-carbon projects (types of renewable energy, nuclear energy, etc.) will grow in 2023 by more than 10%, or by $60 billion, reaching $620 billion. The number of such projects’ implementation will grow in Africa by 26%, in Asia by 12%, North America by 9%, Europe by 7%, Report informs referring to the Norwegian independent consulting company Rystad Energy.

Investments in low-carbon projects increased by 22% last year, which means that growth will slow down this year. The decline in growth rates is primarily due to inflationary pressure, and subsequently growth will accelerate again.

In 2023, investments will grow the most in hydrogen energy (by 149%, to $7.8 billion) and in developments in the field of processing and storage of carbon dioxide (by 136%, to $7.4 billion).

At the same time, solar ($250 billion was invested in 2022) and ground-based wind energy ($205 billion) continue to hold the biggest share among investments - last year they accounted for almost 45% and 37% of all investments, respectively. This year, investments in solar energy will grow by 6%, in ground wind energy by 12%.