Global Clean Energy Spending Surges to $1.8 Trillion. It’s Not Enough
While the US, EU and UK boosted clean-energy investments, China remains the biggest market in the energy transition.
While the world spent a record amount on decarbonizing the economy in 2023, the total fell far short of what’s needed to get on a net-zero pathway.
Photographer: Daniel Brenner/BloombergGlobal spending on the clean-energy transition hit record highs as the world moves to rein in climate change, but it’s still not enough to get on track to net-zero emissions.
Total spending surged 17% last year to $1.8 trillion, according to a report Tuesday from BloombergNEF. These include investments to install renewable energy, buy electric vehicles, build hydrogen production systems and deploy other technologies. Add in the investments in building out clean-energy supply chains, as well as $900 billion in financing, and the total funding in 2023 reached about $2.8 trillion.