Global Energy Transition Investments Reach New Record in 2023

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Adi Ahdiat 22/03/2024 14:14 WIB

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According to BloombergNEF, global energy transition investments reached a new record high of US$1.77 trillion in 2023. However, they assess that this funding is still insufficient to address climate

Global Energy Transition Investment Value per Year (2014-2023)

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Global Energy Transition Investments Reach New Record in 2023

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Global Energy Transition Investment Value per Year (2014-2023)

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According to research firm BloombergNEF, global energy transition investment reached US$1.77 trillion in 2023.

This figure represents a 17% increase compared to 2022, setting a new record high.

This energy transition investment data includes capital investment in renewable energy, electricity grids, electric vehicles, hydrogen energy development, nuclear energy, and carbon capture and storage (CCS).

In 2023, the largest global capital inflow was directed towards the electric vehicle sector.

"Electric vehicles were the main driver of investment in 2023, with a value of US$634 billion, a 36% increase compared to the previous year," stated the BloombergNEF team in their 2024 Energy Transition Investment Trends report.

They also noted that in 2023, the majority of global energy transition investment originated from China, with a capital investment of US$676 billion, or 38% of the global total.

Despite the continuous increase in investment trends, BloombergNEF assesses that the total funds are insufficient to mitigate climate change.

"Global energy transition investment needs to be increased to an average of US$4.84 trillion per year from 2024 to 2030," they stated.

"To align with the net-zero scenario of the Paris Agreement, annual investment in electric vehicles, renewable energy, energy storage, and electricity grids needs to be doubled from current levels," they continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."