This is the fourth edition of the Global Landscape of Energy Transition Finance analysis (previously, Global Landscape of Renewable Energy Finance), jointly produced by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI).

Since 2018, these landscape analyses have aimed to provide the most comprehensive overview of renewable energy investments, analysing trends by technology, end use, region, type and source of investment (public or private), and financial instrument. This year’s report expands its coverage to additional energy transition sectors, including power grids, energy storage, energy efficiency, green hydrogen and electrification of transport. Data on heat pumps, carbon capture and storage (CCS), and other energy transition technologies are also presented.

Compared with previous analyses, this 2025 edition:

• Includes more granular data on energy transition investments beyond renewables, analysing trends by region, type and source of finance, and financial instrument.
• Controls for the impact of inflation on total investment by converting investments at current prices to constant prices.
• Includes a chapter on investments in supply chains, crucial for localising value chains, maximising socio-economic benefits, ensuring security of supply and reducing dependencies on imports.
• Goes beyond analysing investments by source (public or private) and differentiates between impact-driven funds— including grants and concessional debt—and profit-driven capital, because the lines become increasingly blurred between the drivers of investment: public funds increasingly behave like private capital in terms of risk aversion and expectation of returns commensurate with risks, and private funds engage in impactful investments with no expectation of financial returns under corporate social responsibility and philanthropic activities. By enhancing understanding of the current landscape of energy transition finance, including the largest players and how they vary across different contexts, this report series aims to inform public policy and investment decisions and to support the alignment of financial flows with global climate and sustainable development goals.

Read the full report here