Eye to eye: Low-carbon investment surged past $1 trillion in 2022 to match fossil fuels

Global investment in energy transition technologies surged in 2022, topping $1 trillion and, for the first time, matched the amount of money spent on fossil fuel developments.

Low-carbon and renewable energy industries saw investments hit $1.1 trillion last year, with policy changes and gas shortages accelerating the pace of capital deployment, according to a new report from research and analysis service BloombergNEF (BNEF).

Funding for the sector was 31% higher than in 2021, when it totalled $849 billion, and set a record high for capital deployment in the energy transition to date.