Global investment in the clean-energy transition hit a new record of $1.77 trillion, according to Energy Transition Investment Trends 2024, a report published on Tuesday by research provider BloombergNEF (BNEF).
The figure represents 17 per cent increase which demonstrates the resilience of the clean energy transition in a year of geopolitical turbulence, high interest rates and cost inflation, the report added.
China remains the biggest market by far with $676 billion spent last year, recording an increase of only six per cent compared to 2022. While, the investment in the U.S. jumped 22 per cent year-on-year, to $303 billion.
The energy transition investment would need to average $4.8 trillion per year from 2024 to 2030 to align with BNEF’s Net Zero Scenario, a Paris Agreement-aligned trajectory from the 2022 New Energy Outlook, according to the report.
