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Global spending on renewable energy sources (RES) will increase by $60 billion in 2023, up 10% from 2022, primarily due to the development of wind power, according to a report by Rystad Energy, an energy research and business company. analysis.

At the same time, according to the report, investments in geothermal energy, carbon capture, utilization and storage, hydrogen energy, hydropower, wind power, nuclear and solar power should reach $620 billion in 2023, compared with about $560 billion last year.

The investment segments included in the calculations cover industries such as project equipment and materials, engineering and construction, operation and maintenance, and logistics.

The report indicates that solar energy and onshore wind energy will become leaders in attracting investment.

Thus, spending on investments in solar energy this year will amount to $250 billion, an increase of only 6% compared to 2022. Despite a relatively modest increase in the cost of investments this year, the installed capacity of solar energy is expected to grow by about 25% to 1250 GW.

Growth in investment volume this year will vary depending on the industry. The hydrogen energy and carbon capture and storage sectors are expected to show the most significant annual growth, increasing by 149% and 136% respectively. Thus, the total expenditure on hydrogen energy will be about $7.8 billion in 2023, while investments in carbon capture and storage will be about $7.4 billion.

Wind farm, archive photo – Sputnik Azerbaijan, 1920, 01/13/2023

Wind power plant

At the same time, investment in onshore wind power is forecast to increase by 12% to around $230 billion and offshore wind power spending by 20% to $48 billion. 45%.

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