Global spending on the clean energy transition has reached record levels as the world moves to curb climate change, but it is still not enough To reach net zero emissions.
Total spending rose 17% last year to $1.8 trillion, according to a Tuesday report from BloombergNEF. These investments include installing renewable energy, purchasing electric vehicles, building hydrogen production systems and deploying other technologies. Add to this investments in building clean energy supply chains, as well as $900 billion in financing, bringing total financing in 2023 to about $2.8 trillion.