The energy transition is attracting massive investment: a new record of 2,000 billion dollars by 2024.

In 2024, global investment to accelerate the transition to a low-carbon economy rose by 11% to a record $2.1 trillion, according to the annual Energy Transition Investment Trends 2025 report published by BloombergNEF (BNEF). This record is the result of sustained momentum in several key sectors, although the pace of growth is considerably slower than in the previous three years, when annual increases of between 24% and 29% were observed.

Among the areas driving growth, electric transport stands out, with record investment of $757 billion. This figure includes spending on electric passenger vehicles, two- and three-wheelers and commercial vehicles, as well as the development of public recharging infrastructures and fuel cell vehicles. Next came renewable energies, which attracted $728 billion in investment, covering wind (both onshore and offshore), solar, biofuels, biomass, geothermal and other renewable energy sources. Finally, electricity networks, including transmission and distribution infrastructures, substation equipment and digitisation of the network, attracted 390 billion dollars.

The BNEF report highlights a significant divergence between investments in mature sectors and those in emerging technologies. Mature technologies - renewables, energy storage, electric vehicles and power grids - accounted for $1,930 billion, growing by 14.7%, despite challenges related to public policy, rising interest rates and slowing consumer demand. In contrast, emerging technologies such as electric heating, hydrogen, carbon capture and storage (CCS), nuclear, clean industry and clean shipping raised only $155 billion, down 23% on the previous year. According to BNEF, these technologies require greater efforts from the public and private sectors to reduce the risks and promote their commercial maturity, otherwise their impact on reducing emissions will remain limited by the end of the decade.

Mainland China stands out as the main investment market, with $818 billion raised, an increase of 20% compared to 2023. This market alone accounted for two-thirds of the total global increase, and all the sectors analysed showed robust growth in China. By contrast, the United States, the European Union and the United Kingdom, which had driven growth in 2023, saw their investment stagnate or decline: $338 billion in the United States, $381 billion in the EU and $65.3 billion in the United Kingdom. Against this backdrop, China's overall investment in 2024 far exceeded the combined sum of these major economies. India and Canada also stood out, increasing their investments by 13% and 19% respectively.

According to BNEF, to align trajectories with the global goal of zero net emissions by 2050, global investment in the energy transition will need to reach an average of $5.6 trillion per year between 2025 and 2030. This level, which represents only 37% of estimated needs based on current investments, will have to be supplemented by concerted efforts and incentive policies, particularly in the least technologically advanced regions.

At the same time, the report also looks at the state of the clean energy supply chain, including investment in equipment plants and the production of metals for batteries. These investments, although down slightly to $140 billion in 2024, are expected to rebound to $164 billion in 2025, with a 60% predominance of capital directed towards battery cell factories, which are particularly capital-intensive.

In terms of equity financing, climate technology companies raised $50.7 billion in private and public funds in 2024, down 40% on the previous year - marking the third consecutive year of contraction in this sector. Companies in the clean energy and transport sectors led the way, raising a total of $31.8 billion, led by the United States with $17.9 billion, followed by China with $9 billion. Debt linked to the energy transition totalled $1,000 billion.

While 2024 marks a historic turning point with record investment in the energy transition, slowing growth and regional disparities underline the continuing challenges of achieving net zero emissions targets. Investments in mature sectors continue to dominate, while emerging technologies require additional incentives. Against a backdrop of global energy transition, the imperative to substantially increase investment - both in volume and innovation - remains crucial to aligning climate ambitions with tomorrow's economic and technological realities.