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$1 trillion green investment matches fossil fuels for first time: Report

Global investments in the clean energy transition hit $1.1 trillion in 2022, roughly equal to the amount invested in fossil fuel production

David R Baker | Bloomberg

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Photo: Bloomberg

2 min read Last Updated : Jan 26 2023 | 3:32 PM IST

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.

Global investments in the clean energy transition hit $1.1 trillion in 2022, roughly equal to the amount invested in fossil fuel production, according to the research firm’s “Energy Transition Investment Trends 2023” report. Never before has the amount spent on switching to renewable power, electric cars and new energy sources like hydrogen topped $1 trillion.

While the amount represents a 31% jump from 2021, it’s still just a fraction of what’s needed to slash greenhouse gas emissions and fight global warming. BNEF estimates annual investments in the transition must triple for the rest of this decade to give the world a shot at reaching net-zero emissions by 2050.