Global investment in the energy transition hit a record £1.66 trillion in 2024, according to BloombergNEF’s latest report.
While this marks an 11% increase, growth has slowed compared to previous years. The surge was driven by electric transport, renewable energy and power grids, while emerging technologies like hydrogen and carbon capture struggled to attract funding.
Electrified transport leads the charge
Spending on electric transport reached £600 billion, making it the biggest driver of growth. This includes EVs, charging infrastructure and fuel cell vehicles. Renewable energy followed closely at £578 billion, covering wind, solar, biofuels and other clean power sources. Investment in power grids hit £310 billion, ensuring infrastructure keeps pace with the transition.
Mature vs. emerging technologies
Proven technologies like renewables, storage and EVs drew the vast majority of funds, growing 14.7% despite policy uncertainty and high interest rates. Meanwhile, investment in emerging sectors—including hydrogen, nuclear and carbon capture—dropped 23% to £123 billion. BloombergNEF warns these industries won’t significantly impact emissions unless policymakers and investors step in.
China dominates the market
China accounted for £648 billion in investment—more than the US, EU and UK combined. While China’s investment grew 20%, spending in the US (£268 billion) stagnated and the EU (£302 billion) and UK (£51.8 billion) saw declines. India and Canada posted double-digit growth.
More needed
To stay on track for net zero by 2050, the report authors say annual investment needs to average £4.42 trillion from 2025 to 2030—nearly triple current levels.
