Global investment in energy transition technologies, including energy efficiency, reached a record high of USD 1.3 trillion in 2022. However, annual investments need to at least quadruple to remain on track to achieve the 1.5°C Scenario in IRENA’s World Energy Transitions Outlook 2022. Investment in renewable energy was also unprecedented – at USD 0.5 trillion – but represented less than 40% of the average investment needed each year. Investments are also not flowing at the pace or scale needed to accelerate progress towards universal energy access; investments in off-grid renewable energy solutions in 2021 – at USD 0.5 billion – fell far short of the USD 2.3 billion needed annually. This third edition of the biannual joint report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI) analyses investment trends by technology, sector, region, source of finance and financial instrument in the period 2013-2020. It identifies financing gaps to support informed policy making for the deployment of renewables at the scale needed to accelerate the energy transition.