The world invested a record $920 billion in clean energy deployment and innovation in 2021. But in order to hit net-zero emissions by 2050, this figure must at least triple in the next few years.
The world invested $920 billion in clean energy deployment and innovation in 2021, a record high. However, in order to meet the goal of net-zero emissions by 2050, this figure must at least triple in the next few years, warns aThis report provides a crucial snapshot of where public and private sector money is helping to shift economies away from their reliance on fossil fuels and meet climate goals.
If current trends hold, EVs and related charging infrastructure would overtake renewable energy investment in 2022. The only sector that did not see an increase in investment in 2021 was the deployment of carbon capture and storage, which stood at $2.3 billion.While money going to clean energy deployment has climbed steadily since 2013, it is nowhere near where it needs to be in order to avoid some of the worst consequences of global warming, the report finds.
The report finds that only the transport sector may be on track for a spending increase at a rate consistent with a net-zero scenario. Renewable energy deployment spending during the past five years has increased at a comparatively slow rate of just 6%.
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