Global 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.
However, the world needs to be investing more than twice as much in clean technology in order to reach net-zero emissions by mid-century, according to BNEF.
If we could subsidise renewables equivalent to the percentage penalizing fossil fuels we would be transitioning faster. Fossil fuels companies are latching on, it’s pathetic many countries continue to subsidise harmful energy sources, e.g Australia
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*From Bloomberg News reporter Will Wade:*
Global 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.
However, the world needs to be investing more than twice as much in clean technology in order to reach net-zero emissions by mid-century, according to BNEF.
If we could subsidise renewables equivalent to the percentage penalizing fossil fuels we would be transitioning faster. Fossil fuels companies are latching on, it’s pathetic many countries continue to subsidise harmful energy sources, e.g Australia