ESG & Investing
$1 Trillion Green Investment Matches Fossil Fuels for First Time
World spent $1.1 trillion transitioning to clean power in 2022, same as amount spent producing oil and gas.
Solar and wind power accounted for the biggest chunk of 2022 investments, reaching $495 billion.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
For the first time, the world invested as much money into replacing fossil fuels as it spent on producing oil, gas and coal, according to an analysis from BloombergNEF.
Global investments in the clean energy transition hit $1.1 trillion in 2022, roughly equal to the amount invested in fossil fuel production, the research firm said in its “Energy Transition Investment Trends 2023” report. Never before has the amount spent on switching to renewable power, electric cars and new energy sources like hydrogen topped $1 trillion.