Worldwide spending on the implementation of low-carbon energy technology reached $755 billion in 2021, representing a 27% increase over the previous year.
The top 10 countries collectively invested $561 billion in the energy transition, accounting for approximately three-quarters of the total global investment.
While that level of investment has not yet been reached, it is well on its way to being reached in the near future.
Every year, the Business Network for Energy Efficiency (BNEF) releases Energy Transition Investment Trends, which details how much money firms, financial institutions, governments, and end-users are putting into the low-carbon energy transition.
Renewable energy, which includes wind, solar, and other renewables, continues to be the most profitable sector in terms of investment, setting a new record of $366 billion in commitments in 2021, an increase of 6.5% over the previous year.
A total of $273 billion was invested in electrified transportation, which includes spending on electric vehicles and accompanying infrastructure.
It was the second-largest sector overall. Electric cars are becoming more popular, and the electric car market grew by 77% in 2021, which could make it more valuable than renewable energy by 2022.
The top 10 countries collectively invested $561 billion in the energy transition, accounting for approximately three-quarters of the total global investment.
