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Investment in clean energy will soar globally in 2023, rising 17% to $1.8 trillion, particularly in emerging sectors such as electrified transportation and hydrogen and carbon capture, according to a new report from BloombergNEF (BNEF). It is said that there was a large increase in sales.
However, despite achieving record levels, the report notes that investment remains far below the level needed in line with a net-zero scenario with Paris, and in that scenario , the average annual clean energy spending will be nearly tripled by the end of the 2010s. BNEF.
According to the report, the biggest driver of increased investment in clean energy was electrified transportation, which includes electric vehicles such as cars, buses and commercial vehicles, and related infrastructure, with investment in this sector increasing by 36% last year. renewable energy rose by just 8% to $623 billion, overtaking it as the largest category.
Although starting from a fairly small base, investments in several emerging clean energy categories rose sharply in 2023. Among them: hydrogen tripled to $10.4 billion, carbon capture and storage (CCS) nearly doubled to more than $11 billion, and energy storage increased by $7.6 billion. % to $36 billion.
Regionally, China is once again by far the largest clean energy investment market, with $676 billion or 38% of the global total, according to BNEF. But the report reveals that accelerating growth in Europe and North America has narrowed the gap, with the EU, UK and US collectively overtaking China with $718 billion in investment, narrowing China’s lead over other countries. did.
The EMEA region has experienced the fastest growth, with significant increases in solar PV, electric vehicles, hydrogen, CCS and clean industries driving a 38% increase in regional investment in Europe, while anti-inflation laws have boosted investment in the US. jumped by 22%. , increased to $303 billion.
The report also shows that investment in clean energy supply chains, including clean technology equipment and battery metal mines and refineries, will increase significantly, increasing from $115 billion a year ago to $135 billion in 2023, and increasing by 2023. It also showed that the number has almost tripled since 2015. Electricity in the clean energy supply chain is expected to increase by 66% this year with a pipeline of battery gigafactories.
According to the BNEF report, clean energy supply chains are one of the only major investment areas on track to meet the requirements of a net-zero scenario by 2050. By contrast, average annual investment levels from 2024 to 2030 will need to more than double for renewable energy, electricity grids, and energy storage, and nearly triple for electrified transport. In total, the BNEF net-zero scenario indicates that $4.8 trillion in clean energy investment is required per year by 2030.
Albert Chan, Deputy CEO of BNEF, said:
“Our report shows how rapidly clean energy opportunities are growing, and yet how far off track we are still. Energy transition investment spending grew 17% last year However, it would need to increase by more than 170% to be on track for net zero over the next few years. Only decisive action by policymakers can unleash such a step change in momentum. can.”
Click here to access the report.
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