Andrew Freedman reports for Axios that global spending on the energy transition has neared $1 trillion.
- Last year the world invested $920 billion in clean energy innovation and deployment, a new record.
- The sector that had the largest increase in investments was electric vehicles, which saw a 77% jump from the previous year.
- While this spending is certainly impressive, many experts believe that clean technology investments will need to increase substantially in order to meet decarbonization goals by midcentury.
“The world invested $920 billion in clean energy deployment and innovation in 2021, a record high. However, in order to meet the goal of net-zero emissions by 2050, this figure must at least triple in the next few years, warns a report out Thursday from BloombergNEF.”
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