In 2022 a total of $1.1 trillion US dollars was spent worldwide on green energy and other carbon emission reducing measures in the world’s energy sectors.
This figure is even more impressive because for the first time in history the global spend on green energy matched that of the spend on fossil fuels. In fact, in a recent clean energy report published by research group BloombergNEF it is predicted that investment in green energy is about to outstrip spending on fossil fuels.
Albert Cheung, head of global analysis at BloombergNEF said:
“Investment in clean-energy technologies is on the brink of overtaking fossil-fuel investments, and won’t look back. Our findings put to bed any debate about how the energy crisis will impact clean-energy deployment.”
Out of the $1.1 trillion total spend a record breaking total of $495 billion was spent on renewable energy, which included biofuels, wind & solar energy and other renewable. This is up 17% from 2021. Coming in a close second was the spend on electrifying transport with a total spend of $466 billion, which is up an impression 54% from 2021.
The largest spend per country was from China, with them almost making up half of the total spend at $546 billion. This was followed by the USA at $141 billion, with Germany taking 3rd place, France 4th and the UK in the 5th place for total spend.
Benefits of clean energy
The benefits of renewable energy are not just limited to cost savings. Renewable energy sources do not emit greenhouse gases and other pollutants that are harmful to the environment and human health.
The shift towards renewable energy has the potential to reduce air and water pollution, improve public health, and slow down the rate of climate change. it is also creating new jobs and economic opportunities. The renewable energy sector already employs more than 12 million people worldwide, and this number is expected to grow in the coming years.
The benefits of renewable energy are not just limited to cost savings. Renewable energy sources do not emit greenhouse gases and other pollutants that are harmful to the environment and human health. The shift towards renewable energy has the potential to reduce air and water pollution, improve public health, and slow down the rate of climate change. it is also
The shift towards renewable energy has been supported by various government policies and incentives. Many countries have set targets for the amount of renewable energy they aim to produce in the coming years. For example, the European Union aims to produce 32% of its energy from renewable sources by 2030, while China aims to produce 35% of its electricity from renewable sources by 2030.
