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.
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