Investment in cleaner energy is on the verge of overtaking spending on fossil fuels for the first time ever after exceeding $1 trillion last year, a report on Tuesday said.
Despite the milestone, spending on energy transition technology must immediately triple to meet the target of net-zero emissions by 2050 to combat climate change, according to research group BloombergNEF.
Investment in sectors such as renewables, nuclear, zero-emission vehicles or recycling projects totalled $1.1 trillion last year, matching spending on fossil fuels, the report found.
This is up 31% on the previous year, and marks the first time the investment total has been measured in trillions.
The increase was driven by the energy crisis that followed Russia's invasion of Ukraine, the report said.
"Investment in clean energy technologies is on the brink of overtaking fossil fuel investments, and won't look back," said Albert Cheung, head of global analysis at
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Bloomberg
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