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Where the Billions Pouring Into the Energy Transition Are Going

Renewable energy still drives investment volume but electrified transport is driving growth

The Elkhorn Battery Energy Storage System next to the Vistra Moss Landing natural gas fired power plant in California.

The Elkhorn Battery Energy Storage System next to the Vistra Moss Landing natural gas fired power plant in California.

Photographer: David Paul Morris/Bloomberg

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Energy transition investment follows familiar patterns in global capital markets. Large, established financial institutions supply hundreds of billions of dollars a year to finance construction of long-lived assets using familiar zero-carbon technologies — i.e., deployment. Smaller institutions (some well-established, others quite new) supply tens of billions to fund company formation and the proving-out of new technologies and business models, or innovation.