For the first time, the world invested as much money into replacing fossil fuels as it spent on producing oil, gas and coal, according to an analysis from BloombergNEF.
Never before has the amount spent on switching to renewable power, electric cars and new energy sources like hydrogen topped $1 trillion.
Global investments in the clean energy transition hit $1.1 trillion in 2022.
The largest volume of investments in 2022 fell on solar and wind energy – $495 billion, which is 17% more than in the previous year. Electric vehicles are in second place at $466 billion, and the volume of investment in them around the world is growing much faster – by 54%.
Nearly half of all global energy transition investment – $546 billion – has come from China, the US came in second with $141 billion.