Asia’s low-carbon investment to increase 12% YoY in 2023

Africa is expected to see the highest growth of 26%.

Low-carbon investments in Asia are expected to increase by 12% year-on-year (YoY) in 2023 but will remain to be the highest in value, driven by China’s targets for the wind and solar sectors.

In a report, Rystad Energy said the location of confirmed projects for 2023 shows that Africa would attract the highest investment growth at 26% due to the onshore wind projects in Australia.

It is followed by Australia with a projected 23% growth across almost all energy sectors.

READ MORE: Low-carbon projects spending to increase 10% YoY in 2023: Rystad

Meanwhile, North American investments will grow by 9% YoY, boosted by the US Inflation Reduction Act and “ a step-up in renewables and CCUS.”

Europe is only expected to grow 7%, lower than the increase needed to achieve the European Union’s REPowerEU ambitions, due to the challenges posed by high inflation and the regional supply chain crisis.