Finding the right partners? Examining inequalities in the global investment landscape of hydropower

Clean and affordable energy is crucial to achieve a sustainable future. Despite being controversial, hydropower remains the predominant low-cost reliable source of at global level, as it stabilizes provision electricity bears power peaks without losing efficiency. However, requires huge upfront investments patient functional capital. Under Paris Agreement, countries committed direct financial capital flows towards low-emission pathway in order enable transition. Furthermore, private strongly engaged with transition climate-smart economy. The aim this work study investment system behind hydropower, investors’ behaviour optimal allocation finance favour deployment flows. We use Bloomberg Energy Finance database track public–private over past century (1903–2020). network models represent project financing landscape co-investments. find that investors are highly localized, continental players mostly interacting counterparts same area world. Powerful exceptions international organisations multilateral banks which coinvest across globe. They also tend support low-income fragile countries, meeting their mandate development champions. Multilateral most critical actors enabling co-investments; they activate partnerships wider diversity within creating more opportunities for blended tools. Our results offer novel perspective on transition: challenges idea invested better calls efficient available resources.