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Investment in global energy transition hits record $1.8 trillion in 2023

Investment in clean energy increased 17% in 2023, to reach $1.77 trillion, according to the latest BloombergNEF report.

Electrified transport, including electric batteries and vehicles, is now the largest sector for spending in the energy transition, growing 36% in 2023 to US$634 billion.

The record investment comes despite rising inflation, interest rates and geopolitical tension.

Global energy transition investment by sector - The Oregon Group - Investment Insights

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China represents 38% of global investment but, the US, EU and UK combined invested US$718 billion, more than China for the first time since 2022.

“Last year brought new records for global renewable energy investment. Strong growth in the US and Europe drove the global rise, even as China, the world’s largest renewables market, sputtered, recording an 11% drop. Despite a year of tough headlines, a record amount of offshore wind capacity also reached financial close”

— Meredith Annex, BNEF’s Head of Clean Power and co-author of the report
Top 10 economies for 2023 energy transition investment plus the EU 27 and rest of the world - The Oregon Group - Investment Insights

However, BloombergNEF estimates investment needs to almost triple, to reach an average of US $4.8 trillion a year, from 2024 to 2030 to reach net-zero targets.

This obviously means a lot more critical minerals, for example, lithium. Our report on the accelerating race for lithium:

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The Oregon Group

The Oregon Group

The Oregon Group is an investment research team founded by independent capital markets experts, Anthony Milewski and Justin Cochrane.

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