Global investments in renewable energy increased by 17% and totaled around US$1,8 trillion in 2023, according to a report by BloombergNEF released this Tuesday (30).
This figure represents a new record level of annual investment in energy transition, even in a year marked by geopolitical turmoil, high interest rates and cost inflation.
The value includes expenses with solar and wind sources, purchase of electric vehicles, construction of hydrogen production systems, in addition to the implementation of other technologies.
However, the study points out that the numbers presented are nowhere near enough to make the world reach carbon neutrality by the middle of this century, as predicted by the Paris Agreement.
The report estimates that for this to happen, global spending on clean energy sources would have to reach, on average, US$4,8 trillion per year between 2024 and 2030. This is almost three times the total investment observed in 2023.
“Our report shows how quickly clean energy opportunities are growing and yet how far we still are (from the global decarbonization goal),” said Albert Cheung, deputy director at BloombergNEF.
“Spending on investments in the energy transition grew 17% last year, but they need to grow by more than 170% if we want to achieve carbon neutrality”, highlighted the executive.
Global investments in renewables in recent years
The report also finds that investment in the global clean energy supply chain, including manufacturing and battery metals manufacturing, is expected to continue to grow and drive down equipment prices across most sectors.
“This is good news for the energy transition,” said Antoine Vagneur-Jones, head of trade and supply chains at BloombergNEF.
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Also according to the survey, the country that registered the largest investments in renewable energy last year was China, with around US$ 676 million in investments, equivalent to 38% of the global total.
Although it remains dominant, China's lead has been reduced compared to other nations, such as the European Union, the US and the UK – which together surpassed China with US$718 million invested in 2023.
