It’s Wednesday, February 1, and clean energy investments reached a new milestone in 2022.
The world spent a lot of money on fossil fuels last year — but it spent just as much trying to replace them. According to a new analysis from the research firm BloombergNEF, global investments in renewable energy technologies surged to $1.1 trillion in 2022, roughly matching investments in coal, oil, and gas for the first time.
It is also the first time global investment in the transition away from fossil fuels rose past $1 trillion, representing a 31 percent increase from 2021. Solar and wind accounted for about $495 billion of the total, followed by EVs and charging infrastructure at $466 billion. Other sectors like hydrogen, batteries, and electric heating made up a much smaller piece of the pie but still saw record levels of investment, driven in part by improving technologies and…