Bloomberg Law
Jan. 26, 2023, 9:00 AM

$1 Trillion Green Investment Matches Fossil Fuels for First Time

David R Baker
David R Baker
Bloomberg News

For the first time, the world invested as much money into replacing fossil fuels as it spent on producing oil, gas and coal, according to an analysis from BloombergNEF.

Global investments in the clean energy transition hit $1.1 trillion in 2022, roughly equal to the amount invested in fossil fuel production, the research firm said in its “Energy Transition Investment Trends 2023” report. Never before has the amount spent on switching to renewable power, electric cars and new energy sources like hydrogen topped $1 trillion.

While the amount represents a 31% jump from 2021, it’s still just a fraction of what’s ...