Business Standard

$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

Fossil. Solar panel, Solar
Premium

Photo: Bloomberg

David R Baker | Bloomberg
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

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 26 2023 | 3:32 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com