A recent report by BloombergNEF states that global investment in the energy transition totalled $755 billion in 2021 – a new record – off the back of rising climate ambitions and policy action from countries around the world.
According to BNEF, investments rose in almost every sector covered in the report, including renewable energy, energy storage, electrified transport, electrified heat, nuclear, hydrogen and sustainable materials. Only carbon capture and storage recorded a dip in investment, though there were many new projects announced in the year.
The report points out that renewable energy remains the largest sector in investment terms, achieving a new record of $366 billion committed in 2021, up 6.5% from the year prior. Electrified transport, which includes spending on electric vehicles and associated infrastructure, was the second-largest sector with $273 billion invested.
“With electric vehicle sales surging, this sector grew at a breakneck rate of 77% in 2021 and could overtake renewable energy in dollar terms in 2022,” the document reads.
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