Global share of investments in energy transition 2023, by technology

A record 1.8 trillion U.S. dollars were invested globally in energy transition technologies in 2023. Electrified transportation and renewable energy – the latter of which includes wind, solar, biofuels, and other renewables – attracted the most investment that year, with each sector receiving roughly 35 percent of total funds.

Energy transition investment is on the rise

Annual investment in clean energy technology have experienced significant growth in recent years, having more than tripled since 2019. In fact, there was more investment in the energy transition between 2020 and 2023, than in the entire 16-year period between 2004 and 2019. China is the largest investor in the energy transition by far, investing almost 700 billion U.S. dollars in 2023.

Investment in carbon capture technologies

Carbon capture and storage (CCS) technology accounted for less than one percent of total investments in the low-carbon energy transition in 2023. Nevertheless, many experts believe CCS will play a vital role in the fight against climate change. To remain on a Paris-Agreement-aligned Net Zero Scenario, it is estimated that global CCS investment will need to average 500 billion U.S. dollars per year from 2024 to 2030, up from 11 billion U.S. dollars invested in 2023.