Blended finance is an international public–private funding mechanism aimed at mobilizing private funds for infrastructure investment in emerging and developing economies (EMDEs). However, expanding the scale of blended finance in clean energy will require innovative efforts from the international community to reform traditional development finance approaches.
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Global new investment in renewable energy skyrocketed to $358 billion in the first six months of 2023, a 22% rise compared to the start of last year and an all-time high for any six-month period. Of this total, $335 billion was for project deployment through both asset finance and small-scale solar. This was 14% greater than in the first six months of 2022 and reflects the continuing acceleration of the energy transition as renewable energy scales up.
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Investment in the U.S. renewable energy and energy storage sectors in 2022 remained steady at $54.8 billion, while still falling short of the annual investment needed to achieve the administration’s objective for power sector decarbonization by 2035. The IRA has already increased companies’ participation in the market in 2023. All developers and most investors plan to increase their activity in the U.S. renewable energy sector compared to last year. Eighty-four percent of investors plan to increase their renewable energy investment by 5% or more.
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The U.S. renewable energy market is poised for unprecedented growth. The passage of the Inflation Reduction Act (IRA) in August 2022 presents many opportunities for developers and investors. The IRA contains $369 billion in investments to boost clean energy and curb greenhouse gas emissions. One of the biggest wins is the IRA’s long-term extension and expansion of federal tax credits.
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Energy Innovation Policy and Technology LLC® prepared a series of research notes to detail the IRA’s provisions across the electricity, buildings, and transportation sectors. The notes also describe how states and private actors can leverage these provisions to unlock economic, public health, and climate benefits, as well as how the U.S. can bridge the gap to meet its 2030 climate goals.
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To assess the industry’s near- and mid-term trajectory in meeting these goals, this report conveys the results of new surveys of professionals who represent companies that actively finance or develop projects in the renewable energy sector. The surveys assess respondents’ experiences in the market over the past year and their expectations for sector investment and development over the next three years.
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