Public Financial Support for Renewable Power Generation and Integration in the G20 Countries

Table of Contents

• Box 1. Subsidy and public financial support: Definitions 12
• Box 2. China’s FIT policy 26
• Figure ES1. Comparison of G20 renewable power support with fossil fuel subsidies, 2020–2023 5
• Figure 1. Estimated support for renewable energy in G20 economies, 2023 14
• Figure 2. A comparison of support for renewable power generation and integration between advanced economies, China, and EMDEs, 2020–2023 16
• Figure 3. Estimated support for renewable power generation and integration compared with estimated fossil fuel subsidies in G20 economies in 2023 as a percentage of GDP 17
• Figure 4. Distribution of financial support for renewable power generation and integration in G20 countries in the 2020–2023 period (% based on the value of support measures) 18
• Figure 5. Support for renewable power in G20 countries by beneficiary type as a percentage of total support in the 2020–2023 period 19
• Figure 6. Comparing IRENA’s 2015 estimates with IISD inventory data (2020–2023) for renewable energy generation in select G20 countries 21
• Figure 7. A comparison of renewable power commitments in the GEST and IISD’s renewable power tracker 22
• Figure 8. Fossil fuel support vs. renewable power support, 2020–2023 23
• Table 1. Support for renewable power generation and integration in G20 countries by economy, 2020–2023 (USD billion, nominal) 15
• Table 2. Overview of national-level public financial support measures for renewable power in the top 12 countries providing support in G20 countries 25
• Table 3. Policy frameworks and incentives in China, the EU, and the United States 27
• Table A1. 34
• 1.0 Introduction 10
• 2.0 Methods 12
• 3.0 Results 14
• 3.1 Support for Renewable Power by Type 17
• 3.2 Support for Renewable Power by Beneficiaries 18
• 3.3 The Ratio of Public Support for Renewable Power to Investment 19
• 3.4 Comparison With the Results From Other Sources 20
• 3.5 Comparing Fossil Fuel Subsidies 22
• 3.6 The Ratio of Fossil Fuel Support to Investment 23
• 4.0 Public Financial Support Needed to Achieve the Tripling Target 24
• 5.0 The Changing Nature of Public Financial Support 25
• 6.0 Other Factors That Influence Renewable Energy Deployment 28
• 7.0 Conclusions 29
• References 31
• Appendix A. International Databases and Dashboards on Public Financial Support for Renewable Energy and Climate 34