PARIS: According to a report released on Tuesday, investment in cleaner energy is close to surpassing spending on fossil fuels for the first time ever, having reached $1 trillion last year. According to BloombergNEF, a research organization, spending on energy transition technology must immediately triple in order to achieve the goal of zero emissions by 2050 to combat climate change. The report found that spending on fossil fuels matched investment in renewables, nuclear, zero-emission vehicles, and recycling projects last year, totaling $1.1 trillion. This is the first time the total investment has been measured in trillions, and it is up 31% from the previous year. According to the report, the energy crisis that followed Russia's invasion of Ukraine was the driving force behind the increase. Albert Cheung, BloombergNEF's head of global analysis, stated, "Investment in clean energy technologies is on the brink of overtaking investments in fossil fuels, and will not look back." China, the world's biggest polluter, invested the most in energy transition, followed closely by the United States. China received nearly half of all global investment, particularly in the steel recycling, renewable energy, and electric vehicle (EV) industries. Germany has remained in third place largely due to its significant EV market. However, the report found that investment in Britain decreased by nearly a fifth due to a decrease in offshore wind deals. With $495 billion, renewable energy was the largest investment sector worldwide, followed by electrified transportation projects. The researchers stated that all other industries saw record levels of investment, with the exception of nuclear power. In an effort to improve energy security, many nations increased their investments in fossil fuels, which has led to an increase in energy transition technology. Russia, a major producer of fossil fuels, cut off gas supplies to countries in the European Union (EU) as a result of the war in Ukraine, which resulted in broad sanctions against Russia. Tuesday, a separate report from the energy think tank Ember stated that for the first time, wind and solar energy generated 22% of the electricity in the EU, surpassing gas (20%). The 27-nation group still generated the most electricity with hydro and nuclear power, accounting for 32%.
PARIS: According to a report released on Tuesday, investment in cleaner energy is close to surpassing spending on fossil fuels for the first time ever, having reached $1 trillion last year.
According to BloombergNEF, a research organization, spending on energy transition technology must immediately triple in order to achieve the goal of zero emissions by 2050 to combat climate change.
The report found that spending on fossil fuels matched investment in renewables, nuclear, zero-emission vehicles, and recycling projects last year, totaling $1.1 trillion.
This is the first time the total investment has been measured in trillions, and it is up 31% from the previous year.
According to the report, the energy crisis that followed Russia’s invasion of Ukraine was the driving force behind the increase.
Albert Cheung, BloombergNEF’s head of global analysis, stated, “Investment in clean energy technologies is on the brink of overtaking investments in fossil fuels, and will not look back.”
China, the world’s biggest polluter, invested the most in energy transition, followed closely by the United States.
China received nearly half of all global investment, particularly in the steel recycling, renewable energy, and electric vehicle (EV) industries.
Germany has remained in third place largely due to its significant EV market.
However, the report found that investment in Britain decreased by nearly a fifth due to a decrease in offshore wind deals.
With $495 billion, renewable energy was the largest investment sector worldwide, followed by electrified transportation projects.
The researchers stated that all other industries saw record levels of investment, with the exception of nuclear power.
In an effort to improve energy security, many nations increased their investments in fossil fuels, which has led to an increase in energy transition technology.
Russia, a major producer of fossil fuels, cut off gas supplies to countries in the European Union (EU) as a result of the war in Ukraine, which resulted in broad sanctions against Russia.
Tuesday, a separate report from the energy think tank Ember stated that for the first time, wind and solar energy generated 22% of the electricity in the EU, surpassing gas (20%).
The 27-nation group still generated the most electricity with hydro and nuclear power, accounting for 32%.
