Global clean energy investments are expected to total $5.6 trillion between 2022 and 2030 due to demand for alternative sources of coal, oil and other carbon-intensive energy sources, according to S&P Global. S&P Global said that while these investments are critical to mitigating climate change, climate finance will still fall short of the goals expected by the Paris Agreement.

By 2030, solar is projected to receive $2.8 trillion in global clean energy investment, or nearly half of the global total, with 26 percent of that going to smaller-scale distributed solar systems, such as rooftop solar PV for homes, businesses and other public institutions. By comparison, utility-scale solar is expected to account for 23 percent of future funding by 2030.

This is closely followed by wind power, which is expected to attract the second largest share of investment, totaling $1.9 trillion. More investment will go to onshore wind projects (20%), while offshore wind will receive $774.2 billion, or 14% of projected funding.

Overall, S&P Global's current forecast anticipates that by 2050, annual renewable energy investments will reach $700 billion. However, in order to achieve the net-zero emissions target, $1.4 trillion per year will be needed to reach zero emissions by 2050.