Global investment in the low-carbon energy transition jumped by 17% in 2023, reaching $1.77 trillion, according to a report published by research provider BloombergNEF (BNEF).
The report, Energy Transition Investment Trends 2024, revealed that the key drivers of investment growth were renewable energy, electric vehicles, hydrogen and carbon capture.
The largest sector for spending in the energy transition was electrified transport, growing 36% in 2023 to $634bn, overtaking the renewable energy sector ($623bn) – an area bolstered by a push to construction wind, solar and geothermal power plants and biofuels production plants.
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