Green Energy Investment Crosess 1 Trillion | Climate Change

After hitting a trillion dollars

last year, investment in clean energy is

on the worst verge of surpassing

spending on fossil fuels for the first

time ,and despite the achievement

Bloomberg nef estimated that , spending on

energy transition technology must

instantly be increased to fulfill the

aim of net zero emissions by 2050 , in

order to mitigate climate change impact.

as per the report Renewables nuclear

zero emission vehicles ,and recycling

initiatives received over 1.1 trillion

dollars in investment last year . which

matched the Investments and when it

comes to fossil fuels,

and this represents a 31percent rise over the

previous year , and the first time the

investment amount has been calculated in

trillions.

according to the research, The Surge was

caused by the energy crisis that

followed Russia’s invasion of Ukraine.

Bloomberg nef’s head of global analysis

saying that, the investment in clean

energy technology is on the verge of

overtaking fossil fuel Investments ,and

there will be no looking back.

the report found that, China the world’s

biggest polluter was by far the largest

investor in energy transition . with the

U.S coming a distant second.

nearly half of the total Global

investment was made in China,

particularly in steel recycling and the

renewable energy and electric vehicle

sectors.

Germany has retained its place in third

position largely due to a sizable EV

Market, but a drop in offshore wind deals

saw investment in Britain and landed the

country in the fifth spot.

renewable energy was the most heavily

invested in the sector globally,

according to for accounting for over 495

billion dollars followed by electrified

Transportation projects with the

exception of nuclear power . the

researcher said all the other sectors

saw record levels of investment.

the growth in energy transition

technology also comes as many countries

saw an increase in fossil fuel

investment in a bid to shore up the

energy security.

the war in Ukraine caused disruption to

the global power supply as Russia, which

is a major producer of fossil fuels cut

gas supplies to the European Union

countries ,and was hit by sweeping

sanctions Over The Invasion.

according to a separate analysis and

energy Think Tank, wind and solar energy

generated 22 percent of EU electricity.

which exceeded gas by 20 for the first

time.

hydro and nuclear power continue to

contribute 32 percent of the total

electricity generation in the 27 Nation

block.

ALSO READ THIS: Adani Vs Hindenburg Saga Continues

Share:

Leave a Comment