Electrified transport Investment soared globally in ’23, passing renewable energy

(Inside Climate News, 30 Jan 2024) China spent much more than any other nation on the energy transition last year, but spent less overall than it did in 2022.

Electrified transportation sped past renewable energy last year to become the world’s largest category of energy transition investment.

This finding, part of a report BloombergNEF released Tuesday, shows a shift that is “absolutely critical to getting to net zero,” said the lead author, Albert Cheung.

The transportation sector is a leading source of global carbon dioxide emissions, and, because of the long lives of vehicles, investment decisions today will take a while to translate into emissions reductions. Considering this, the rise in spending is necessary and will need to accelerate a lot more, said Cheung, deputy CEO at BloombergNEF.

Global investment in the energy transition totaled $1.77 trillion in 2023, an increase of 17 percent from the prior year, according to the report. Electrified transport spending was $634 billion, an increase of 36 percent.

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Inside Climate News, 30 Jan 2024: Electrified transport Investment soared globally in ’23, passing renewable energy