By AFP - Agence France Presse
Low-carbon energy investments reach a record $2.1 trillion by 2024: Report
Global investment in the transition to low-emission energy grew to a record $2.1 trillion last year, according to analysis by BloombergNEF, but much more is needed to meet international climate targets.
Investment worldwide increased by 11% compared to 2023, with China accounting for two-thirds of the increase, far outstripping spending in Europe and the United States, according to the Energy Transition Investment Trends 2025 report.
Electric vehicles, renewable energy, and power grids attracted record investment last year, according to BNEF.
“Our report shows how much growth we've seen in the energy transition in recent years, despite political uncertainty and high interest rates,” said Albert Cheung, deputy head of BNEF, adding that much more needs to be done.
BNEF found that global investment in the energy transition would need to average US$5.6 trillion per year from 2025 to 2030 for the world to decarbonize quickly enough to meet the goals of the Paris Climate Agreement.
On this front, China is the closest to being on track, BNEF said, followed by Germany and the United Kingdom.
China accounted for US$818 billion of investment last year, up 20% from 2023, according to the analysis, with all sectors analyzed “showing solid growth”.
The country's total investment was greater than that of the US, the EU, and the UK combined, BNEF said.
Last year, the International Energy Agency said that almost US$2 trillion in investment was going into clean energy projects every year, almost double the amount spent on fossil fuel supplies.
Its World Energy Outlook report said that more than half of the world's electricity will be generated by low-emission sources before 2030, with demand for oil, gas, and coal still projected to peak by the end of the decade.
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