International investment in renewable energy has nearly tripled since the Paris climate accord was struck in 2015, UNCTAD noted in its annual World Investment Report.Since 2015,"31 developing countries, including 11 least developed countries, have not yet registered a single utility-sized international investment project in renewables or other energy transition sectors", the report said."The scale of the challenge is enormous," said UNCTAD chief Rebeca Grynspan.
The report also said that fossil fuel subsidies around the world amounted to a record U$1 trillion in 2022 - eight times the value of subsidies provided to renewable energy. "Although phasing them out is complex, particularly for developing countries, doing so would help encourage investment in renewable energy."UNCTAD's report said that after a steep drop in 2020 and a strong rebound in 2021, overall global foreign direct investment declined by 12 per cent in 2022, to US$1.3 trillion.