Investment in clean and renewable energy reached a
record level  

A scientific report has shown that the world’s attention is increasing towards green energy and it is happening for the first time that the expenditure on green energy has exceeded the expenditure on conventional fossil fuels. Investments in clean energy exceeded one trillion dollars last year, the report said. This investment was more than the investment in conventional fuel sectors According to research group Bloomberg NEF, to combat climate change. Expenditures on energy transition technologies need to triple immediately to meet the goal of zero emissions by 2050. 

renewable energy

It was reported that last year $1.1 trillion was invested in sectors related to renewable sources, nuclear energy, zero-emission vehicles, or recycling projects. This investment was equivalent to the cost of fossil fuels. While investments in clean energy increased by 31 percent over the previous year, and for the first time this investment has reached trillions of dollars. The report said that the energy crisis that has arisen after Russia’s invasion of Ukraine has led to increased investment in clean energy. 

Albert Cheung, head of global analysis at Bloomberg NEF, said investment in clean energy technologies has reached a point where it will overtake investment in fossil fuels and not look back. China, the world’s biggest polluter, has now also become the biggest investor in energy transition, with the US a close second. Almost half of the total global investment has been made in China, especially in the fields of steel recycling, renewable energy, and electric vehicles; Germany has maintained its third position in this investment. The main reason for this is the large market for electric vehicles. The report notes that the UK has dropped to fifth place in terms of investment due to a decline in offshore wind energy contracts. Renewable energy was the largest sector globally with $495 billion invested. Then there were plans for electrified transport. The researchers said that there has been recorded investment in all other sectors except the nuclear power sector.