Access to low-cost and long-term financing is crucial for accelerating the energy transition and improving the economic viability and competitiveness of renewable energy.

According to BloombergNEF’s New Energy Outlook, the world needs to spend a total of $8.3 trillion on renewable energy deployment between 2023 and 2030 to align with a global net-zero trajectory by 2050.

Although the world is already investing around $1 billion a day in solar PV, there is still a critical gap in the finance needed to realize an energy system with solar as the backbone, especially in emerging markets.

Climate finance must prioritize channeling financial instruments towards essential solutions that are key to deploying more solar justly and sustainably across the world, such as the scaling-up of supply chain, the development and implementation of solar projects, as well as energy infrastructure upgrades like electricity grid expansion and flexibility measures.

New York City

The world needs to spend a total of $8.3 trillion on renewable energy deployment between 2023 and 2030 to align with a global net-zero trajectory by 2050.

GSC’s work on Finance

The GSC has created a finance workstream to unlock the necessary finance to power the solar revolution. Our workstream engages with both the private and public finance sector, as well as Multilateral Development Banks (MDBs), bilateral Development Finance Institutions, and donor countries to align investment needs for a 1.5°C-compliant pathway, with considerations for a just transition at the heart of our work.

Closeup of solar panels reflecting sunrise or sunset

Want to get involved in our Finance Working Group?

News and Resources