$1 trillion green investment matches fossil fuels for the first time. ESG solar wind
Last year was a double milestone for decarbonizing the world’s energy system. It was the first year when investment in the energy transition equaled global investment in fossil fuels, according to The money flowing into the upstream, midstream and downstream segments of oil and gas, and into fossil fuel-fired power generation without emissions reduction technology, was $1.1 trillion last year.
Although renewable energy saw record investment in 2022, electrified transport is growing at a faster rate. Passenger EVs account for the bulk of the transport dollars invested but by no means all of that sector’s capital flow last year. BNEF tracks six other sectors in the energy transition, and all but one of them also set annual investment records last year.
However, both grew significantly in relative terms: Carbon capture investment almost tripled while hydrogen investment more than tripled. Both technologies have made big promises in the past half-decade, and investment is now following. But there will need to be orders of magnitude more use of them to have a substantial climate impact.much of a role, given that inflation in the range of 8% is less than a third of the total year-on-year dollar increase.
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