Global investment in the low carbon-energy transition surged 17 percent in 2023, reaching $1.77 trillion, according to Energy Transition Investment Trends 2024, a report published by research provider BloombergNEF (BNEF).
This number is a record level of annual investment and demonstrates the resilience of the clean-energy transition in a year of geopolitical turbulence, high-interest rates and cost inflation.
The report finds that electrified transport is now the largest sector for spending in the energy transition, growing 36 percent in 2023 to $634 billion. This figure includes spending on electric cars, buses, two- and three-wheelers, and commercial vehicles, as well as associated infrastructure
Electrified transport overtook the renewable-energy sector, which saw an 8 percent increase to $623 billion. This figure reflects investment to construct renewable energy-production facilities, such as wind, solar and geothermal power plants, and biofuels