1、January 30,2024Energy Transition Investment Trends 2024Tracking global investment in the low-carbon transitionAbridged version1BNEFGlobal investment in the energy transition hit a record$1.8 trillion in 2023,climbing 17%from a year earlier.Electrified transport was the main driver of this spending o

2、n the rollout of clean technologies,leapfrogging renewable energy and accounting for more than a third of the investment total.China was once again the largest market,although Europe saw the fastest growth.This report is BloombergNEFs annual review of global investment in the low-carbon energy trans

3、ition.In addition to energy transition investment,which is focused on the deployment of clean technologies such as renewable energy projects,electric vehicles,power grids and hydrogen,it also covers investment in the clean energy supply chain,venture capital,private equity and public markets investm

4、ent in climate-tech companies,and for the first time,debt issuance for energy transition purposes.Electrified transport overtook renewable energy to be the largest driver of spending in 2023 at$634 billion,up 36%year-on-year.Renewable energy saw more modest momentum,rising 8%to$623 billion.There was

5、 also strong growth in emerging areas,with investment in hydrogen tripling year-on-year,carbon capture and storage nearly doubling,and energy storage jumping 76%.China remains the largest contributor to energy transition investment,comprising 38%of the global total at$676 billion.But the US posted s

6、trong growth to narrow the gap,spending$303 billion,while the 27 members of the European Union saw a combined$340 billion in investment.Investment in the global clean energy supply chain,including equipment factories and battery metals production,hit a new record at$135 billion,and is set to surge f

7、urther over the next two years.Climate-tech companies raised$84 billion in private and public equity in 2023,down 34%year-on-year in a second straight year of contraction.Public markets led the fall,with private investment also slightly down.The issuance of debt for energy transition purposes rose 4

8、%to$824 billion.Issuances had fallen by 10%a year earlier and the rebound has come off the back of stabilizing or falling interest rates.Source:BloombergNEF.Note:Start years differ by sector but all sectors are present from 2020 onwards see Methodology for more detail.Most notably,nuclear figures st

9、art in 2015 and power grids in 2020.CCS refers to carbon capture and storage.Executive summaryGlobal energy transition investment,by sector$1.77 trillionGlobal energy transition investment in 2023$135 billionGlobal clean energy supply chain investment in 2023$84 billionGlobal climate-tech equity fin

10、ance raised in 202333 51 80 107 156 153 213 267 239 212 313 388 428 469 526 565 934 1,190 1,511 1,769 02004006008001,0001,2001,4001,6001,800$billionPower gridsClean shippingClean industryElectrified heatElectrifiedtransportHydrogenCCSEnergystorageNuclearRenewableenergyThis is an abridged version of

11、Energy Transition Investment Trends 2024.The full report is available to BNEF subscribers and Bloomberg Anywhere users on and the Terminal.2BNEFTypes of funding covered in this reportEnergy transition investmentDeployment of net-zero-alignedtechnology and infrastructureClean energy supply chain inve

12、stmentConstruction of manufacturing facilities and materials production for clean energy technologiesClimate-tech equity raisingEquity raised by companies focusedon climate and energy transitionEnergy transition debt issuanceDebt issued by companies and governmentsto fund the energy transition3BNEF1

13、,76904006008001,0001,2001,4001,6001,8002,000Energy transitioninvestmentClean energysupply chaininvestmentClimate-techequity raisingEnergy transitiondebt issuance$billionGovernment debtCorporate debtPublic equityVC/PEBattery metalsClean-tech factoriesOtherPower gridsElectrified transportRe

14、newable energyFunding flows across all the categories tracked in this report totaled$2.8 trillion in 2023.Some$1.9 trillion of this capital was spent on either deploying clean tech(energy transition investment),or setting up the factories,mines and refineries to produce clean tech(clean energy suppl

15、y chain investment).Energy transition investment far outweighs supply chain investment,as the capital expenditure to construct clean energy projects,and the sales value of key products such as EVs,is much higher than the cost of building factories and mines.The other roughly$900 billion represents f

16、inance raised by companies or governments active in climate tech or the energy transition.Debt issuance for energy transition purposes,in particular by utilities,financial institutions and governments,far exceeds the amount of equity raised by climate-focused companies in private and public markets.

17、In principle,equity and debt financing raised and counted on the right of the chart can then be deployed into assets on the left of the chart.However,due to differences in scope and methodology,the relationship is not one-to-oneand the totals are not directly comparable.We tracked$2.8 trillion in fu

18、nding flows across the four categories in 2023Source:BloombergNEF.Note:VC/PE refers to venture capital and private equity.2023 funding across categories covered in this reportAssets receiving investment and durable consumer goods being purchasedTypes of finance being raised for climate and energy tr

19、ansition purposes.4BNEFAnnual global investment in energy transition technologies rose to$1.77 trillion in 2023 a new all-time high and a 17%year-on-year gain.Electrified transport,which tracks spending on EVs and charging infrastructure,has overtaken renewable energy to become the largest sector fo

20、r spending at$634 billion in 2023,up 36%year-on-year.Electrified transport saw the largest absolute gain of any sector,reflecting a continued acceleration in global EV adoption.Investment in new renewable energy projects,which includes wind,solar,biofuels and other renewables,grew 8%to$623 billion.N

21、uclear($33 billion),electrified heat($63 billion)and clean shipping($385 million)were slightly down from a year earlier,but all other sectors posted strong investment growth:Hydrogen tripled to$10.4 billion CCS nearly doubled to$11.1 billion Energy storage grew 76%to$36 billion Clean industry grew 7

22、%to$49 billionThe addition of power grids(which saw$310 billion of investment in 2023)in our analysis from 2020 onwards substantially boosts the overall figures,but does not change the underlying upward trajectory in energy transition investment.Energy transition investment grew 17%in 2023Source:Blo

23、ombergNEF.Note:Start years differ by sector but all sectors are present from 2020 onwards;see Methodology for more detail.Most notably,nuclear figures start in 2015 and power grids in 2020.CCS refers to carbon capture and storage.Global investment in energy transition,by sector33 51 80 107 156 153 2

24、13 267 239 212 313 388 428 469 526 565 934 1,190 1,511 1,769 02004006008001,0001,2001,4001,6001,800$billionPower gridsClean shippingClean industryElectrified heatElectrifiedtransportHydrogenCCSEnergy storageNuclearRenewableenergyEnergy transition investment:Overview5BNEFSource:BloombergNEF.Note:Star

25、t years differ by sector,but all sectors are present by 2020.The step-change in 2020 is caused in part by the addition of power grids into the scope from that year onward.EMEA refers to Europe,the Middle East and Africa;APAC is Asia Pacific;AMER is the Americas.For the fourth year in a row,all three

26、 regions in our analysis(the Americas,Asia Pacific,and Europe,the Middle East and Africa)set new all-time records for energy transition investment.In 2023,EMEA was the fastest-growing region,posting a 38%increase on the year before to$542 billion.This came off the back of a strong year for solar in

27、Europe and continued growth in the EV market there,as well as strong upticks in hydrogen,CCS and clean industry.APAC investment grew only 7%but the region once again had the biggest total,at$840 billion,or 47%of the global sum.This share has fallen as renewable energy investment in the region recede

28、d in 2023.APAC previously accounted for more than half of global investment.The Americas remains the smallest of the three regions.Investment totaled$387 billion in 2023,up 15%on the year before as the impacts of the Inflation Reduction Act started to be felt.Once again,all regions achieved record l

29、evels of energy transition spendingGlobal investment in energy transition,by region335180107156 924695265659341,1901,5111,76902004006008001,0001,2001,4001,6001,800$billionEMEAAPACAMEREnergy transition investment:Overview6BNEF277.3341.029.731.432.032.234.855.573.995.4303.1675.90

30、0500600700800Rest of WorldEU-27ItalyIndiaJapanSpainBrazilFranceUKGermanyUSChina$billionRenewable energyNuclearEnergy storageCCSHydrogenElectrified transportElectrified heatClean industryClean shippingPower gridsDespite posting only modest growth in 2023,China remains by far the largest ma

31、rket for energy transition spending,reaching$676 billion in 2023.This is 38%of the global total.The US is the second-largest funding destination for energy transition technologies,with a total of$303 billion spent in 2023.The effects of the Inflation Reduction Act are starting to be felt,and the gap

32、 to China has narrowed.Germany retained third position among individual economies.Its investment mix is now heavily dominated by electrified transport.There are five European countries in the top 10,of which four are EU member states.The EU as a whole invested more than the US at$341 billion in 2023

33、,and the UKs$74 billion puts the European total well above$400 billion.This means that together,the US,EU and UK invested more than China in 2023,which was not the case in 2022.Brazil,Japan and India all feature in the top 10,with more than$30 billion invested in each country.China remains the clear

34、 leader,though the gap is narrowingSource:BloombergNEF.Note:EU-27 bar also includes the EU member states shown.Rest of World is global investment excluding the EU and individual economies in the chart.A small amount of estimated spend for EU countries may be included in Rest of Word.CCS refers to ca

35、rbon capture and storage.Top 10 economies for 2023 energy transition investment,plus the EU-27 and rest of the worldTop 10 economiesEnergy transition investment:Overview7BNEFGlobal investment and spending on energy transition technologies(both energy supply and demand)surpassed investment in fossil

36、fuel supply by$671 billion in 2023,an increase from the$508 billion gap in 2022.This gap has consistently widened since 2020.The$258 billion increase in energy transition investment in 2023 comfortably outpaced the$95 billion rise in fossil fuel supply spending,over half of which was driven by oil p

37、rojects in the Middle East and Asia Pacific.Investment in clean supply still trails behind fossil fuel supply investment,however,with a gap of$75 billion in 2023.This puts fossil fuel supply investment 7%higher than clean supply spending a relationship that has been broadly consistent since 2020.In

38、last years report,we concluded that totalenergy transition investment(supply and demand)had matched fossil fuel supply investment for the first time in 2022.This years report newly includes investment in power grids and other new energy transition categories,which significantly lifts the energy tran

39、sition side compared to last year.The energy transition and fossil fuel investments were calculated separately.Future revisions to these estimates may impact the balance between the two.Total energy transition investment far exceeds fossil fuel supply investmentSource:BloombergNEF,IEA.Note:ETI stand

40、s for energy transition investment.FF stands for fossil fuels.Historical volumes for FF investment were aggregated from IEA World Energy Investment 2023(web).Investment includes upstream,midstream,and downstream sectors and unabated fossil power generation.Dollar values have been adjusted to nominal

41、 terms.Investment in demand for fossil fuels-like gas boilers-is not included.Investment comparison:energy transition versus fossil fuel supply Energy transition investment:Overview6947909331,023020040060080000ETIFFETIFFETIFFETIFF2020202120222023$billionsEnergy demandEnergy sup

42、plyUnabated powerCoalGasOil9341,1901,5111,7697428481,0041,098Energy transitionFossil fuel supply8BNEFTo align with BNEFs Paris-aligned Net Zero Scenario,global energy transition investment needs to average$4.84 trillion per year between 2024 and 2030.This is almost triple the$1.771trillion spent in

43、2023.In our Net Zero Scenario,over the rest of thisdecade electrified transport is set to account for the largest share of energy transition spending,at$1.81 trillion per year,or 37%of the total figure.This is followed by investment in renewable energy and power grids,at$1.32 trillion and$700 billio

44、n each year,respectively.To remain Paris-aligned,annual investment and spending in electrified transport,renewable energy,energy storage and power grids need to run at more than double their current rates across 2024 to 2030.In the 2030s,investment ticks up to$6.59 trillion per year in the Net Zero

45、Scenario,a fourfold increase from 2023 levels.The total further rises by 15%to$7.59 trillion per year in the 2040s,with electrified transport spending accounting for the lions share at 56%-or$4.26 trillion per year.1The 2023 figure used here excludes clean shipping and fuel cell vehicles.Our Net Zer

46、o Scenario requires nearly three times todays investment levelsSource:BloombergNEF.Note:NZS=Net Zero Scenario.Future values are obtained from the New Energy Outlook 2022,except electrified transport,which is from the Electric Vehicle Outlook 2023 Net Zero Scenario.Comparison:2023 energy transition i

47、nvestment versus required annualizedlevels in NEO 2022 Net Zero ScenarioEnergy transition investment:Overview$billion(2023)2023 actual2024-30 annualizedMultiplierClean industry 4921x0.4Electrified heat 6350 x0.8Renewable energy 6231,317x2.1Grids 310700 x2.3Energy storage3693x2.6Electrified transport

48、6321,805X2.9Hydrogen 1062x6.0Nuclear33284x8.7CCS11510X45.9Annual energy transition investment,2023 actual vs 2024-30 required for NZS 02,0004,0006,0008,000202324-3031-4041-50$billions(2023)CCSClean industryElectrified heatElectrified transportEnergy storageHydrogenNuclearPower gridsRenewable energy1

49、,7674,8436,5897,594+174%+36%+15%9BNEF0%20%40%60%80%100%202020224e 2025e 2026e 2027eBatteriesSolarWindHydrogenLithiumCobaltNickelClean energy supply chains can be split into clean-tech factories making equipment,and battery metal mines and refineries.Combined spending across these areas ro

50、se to$135 billion in 2023 and is set to surge:investment plans show a 66%increase from 2023 to 2024,driven by a bulging pipeline of battery gigafactories.The share of battery metals investment is comparatively small at just 11%of the total in 2023.Based on announcements,this could increase to 18%in

51、2026.But mines have longer lead times and are outlined much earlier than,say,solar module factories,plans for which often go undisclosed until just a few months prior to starting up.Visibility on solar factory investments for 2026-27 is thus low.Clean energy supply chain investment set to crank up 6

52、6%over 2023-24New and planned clean energy supply chain investment,by sector clean tech and battery metalsClean energy supply chain investment:OverviewSource:BloombergNEF.Note:Clean tech includes upstream factories for solar and batteries,electrolyzer assembly for hydrogen and nacelles for wind.Batt

53、ery metals includes mines and processing facilities for battery metals.Nickel is battery-grade.Coverage applies to both charts.46749002020202120222023 2024e 2025e 2026e 2027e$billion(real 2023)Clean-tech factoriesBattery metals10BNEFClean-tech supply chain investment

54、,actual 2023 and Net Zero Scenario to 2030Clean energy supply chain spending is on track for a net-zero worldSupply chain investment levels are running higher than what is immediately needed to be on track for net-zero emissions by 2050.Last years factory addition figures are greater than annual inv

55、estment required through 2030;that is largely the result of solar overcapacity.Our Net Zero Scenario requires yearly spending to average just 55%of what was achieved in 2023.It is a good thing that a large pipeline of lithium-ion factories has already been announced:achieving net zero will require a

56、 big expansion in battery manufacturing.Battery plants make up roughly 70%of the spending required over 2024-2030.Strikingly,the current solar oversupply is such that no new factories are required by 2030.The supply glut will put pressure on solar module prices for years to come,and weakens the case

57、 for localizing production in markets with little existing solar manufacturing.The worlds need for new electrolyzer factories is similarly modest,even assuming they run at just 50%of their nameplate capacity.Utilization rates are hard to gauge given the technical problems currently facing electrolyz

58、er makers.Required net-zero spending on battery metals meaning mines and refineries is significant.Taken together,the investment needed for cobalt,nickel and lithium capacity averages roughly 20%of the yearly totals over 2024-2030.Source:BloombergNEF.Note:Battery metals include mines and refineries.

59、Net Zero Scenario refers to BNEFs pathway to net-zero emissions by 2050 from New Energy Outlook 2022.45780020232024202520262027202820292030ActualNet Zero Scenario$billion(real 2023)BatteriesOnshore windOffshore windHydrogenSolarLithiumCobaltNickelClean energy supply

60、chain investment:Overview11BNEFSource:BloombergNEF,PitchBook.Note:VC/PE refers to venture capital and private equity;IPO is initial public offering.Climate-tech equity financing,by financing type and sectorClimate-tech companies raised$83.8 billion in 2023,a 34%decline year-on-year as high interest

61、rates continued to impact market activity.This drop was even more drastic than the 24%decrease seen in 2022.While high interest rates are typically associated with having popped the Covid-era boom in early-stage investment,VC/PE funding in climate tech remained relatively stable last year,dropping o

62、nly 13%.There was little reason,however,for VC/PE investors to celebrate,as the big driver of the funding decease in 2023 was a fall in capital raised via companies going public.Funding for reverse mergers and IPOs slumped by 69%and 65%,respectively.This suggests that investors could struggle to suc

63、cessfully exit on their portfolios if interest rates remain high for an extended period.Companies that were already public saw a boost in equity financing,with funding from secondary equity offerings up 27%in 2023.The energy and transport sectors attracted more than 70%of total climate-tech funding

64、for a third year running.But they also saw the biggest dollar value declines in funding,while transport and agriculture saw the largest percentage decreases.No sector saw an increase in funding this year.Companies located in mainland China attracted the most funding of any market,mostly due to its s

65、trength in clean-energy equipment and EV manufacturing.The US continued to rank second overall,but first in VC/PE funding.Climate-tech equity financing dropped by a third,declining for the second year runningBy sectorBy financing type-24%-34%Climate-tech equity raising:Overview168.0126.983.802040608

66、002023Funding($billion)Reverse mergerPrivate placementSecondary offeringIPOVC/PE168.0126.983.802040608002023Funding($billion)Climate and carbonAgricultureBuildingsIndustryTransportEnergy12BNEFIn 2023,Swedish climate-tech companies raised a total of$3.6 bil

67、lion.H2 Green Steel and Northvolt two startups championing European green manufacturing were responsible for 89%of that funding.In January of this year,the EU approved almost$1 billion in German aid to Northvolt,highlighting the desire of European governments to grow a stronger clean-tech manufactur

68、ing base.Several markets saw an increase in funding despite the overall downturn globally.Funding in India tripled from 2022 due to large raises from developers such as Avaada Energy($1 billion),Tata Power Renewable Energy($500 million),and Juniper Green Energy($350 million).The market jumped to thi

69、rd in overall funding.Climate-tech corporate finance by market in 2023Mainland China remains the best funded market for climate techSource:BloombergNEF.Note:China here refers to Mainland China.EU total also includes the totals for EU member states listed in the chart.VC/PE refers to venture capital

70、and private equity;IPO is initial public offering.Even with the aforementioned struggles,mainland China continues to be the biggest market for climate-tech financing with$25.2 billion raised in 2023,a 51%drop year-on-year.Much of this funding came from clean-energy equipment and EV manufacturers.The

71、 region is the only one where a majority of funding comes from the public market.The US came in second overall with$21.4 billion in funding,butremained the leader in the VC/PE market,outpacing mainland China by$2.9 billion.Companies located in the EU raised upwards of$15 billion,led by Germany and S

72、weden.Canada stands as the sole market to have all types of funding represented last year.Percentage change in funding,by market,2022-23Source:BloombergNEF.Note:China here refers to Mainland China.1.91.92.22.72.83.64.34.315.521.425.20102030JapanFranceSouth KoreaUKCanadaSwedenGermanyIndiaEUUSChina$bi

73、llionVC/PEIPOSecondary offeringPrivate placementReverse merger-51%-13%46%202%174%47%4%-39%-84%4%216%-100%0%100%200%300%ChinaUSEUIndiaGermanySwedenCanadaUKSouth KoreaFranceJapanPercentage changeClimate-tech equity raising:Overview13BNEFDebt issuance among energy transition-exposed companies mirrors c

74、hanges seen in the wider market.About 4%more debt was sold for energy transition-linked purposes in 2023.The wider corporate debt market also grew by 4%,bouncing back from a steep contraction a year ago.The corporate bond market recovered last year as interest rate hikes slowed or even started to re

75、verse,and expectations for future hikes calmed.Overall corporate bond issuance was 12%higher compared to the year prior.Loan issuance continued to shrink,however.Several key energy transition markets saw interest rates drop.Chinas average 10-year government yield declined by 28 basis points from the

76、 beginning of the year,even though the government maintained a low-rate environment through the pandemic.The 10-year yields for Germany,the UK,South Korea,France,Italy and the Netherlands also ended the year lower than they started.Average US 10-year Treasury yields ended 2023 where they started,at

77、3.88%.The uncertain pace of the Federal Reserves decisions may have contributed to a 9%slide in US corporate debt sales.Energy transition debt issuanceTotal corporate debt issuanceEnergy transition debt benefited from interest rate drops in the wider economySource:Bloomberg,BloombergNEF.Source:Bloom

78、berg,BloombergNEF.729.4 667.9 683.4 149.8 126.5 140.9 879.2 794.4 824.3 00500600700800900202120222023$billionGovernmentCorporate+3.8%+2.3%Total:-9.6%Corporate:-8.4%13.8 12.3 13.7 5.1 4.2 3.4 18.9 16.4 17.1 050222023$trillionLoanBond+4.3%+11.7%Total:-13.2%Bond:-11.3%Energy trans

79、ition debt issuance14BNEF328.3 175.5 140.9 52.8 51.5 40.3 12.4 4.4 18.2 00323.1 174.3 126.5 34.6 46.2 48.1 16.9 7.5 17.2 00UtilitiesFinancialsGovernmentConsumerdiscretionaryEnergyIndustrialsMaterialsTechnologyOther$billionMany sectors and company types contribute to the energy

80、transition not just pureplay clean energy firms.Utilities,banks,governments and other corporations raise funds to deploy clean energy assets,build manufacturing facilities and expand research and development,among other purposes.Utilities are by far the largest sector raising debt for the energy tra

81、nsition.Financials,especially banks,also play a strong role in raising funds,sometimes via labeled green debt,to then lend to energy transition clients.Renewable energy companies sold$42 billion of debt in 2023.Many of them were more active in equity raising,illustrating that a lot are still growth

82、companies willing to tap both equity and debt markets.While renewable energy players sold 46%more debt in 2023,the volume for oil and gas companies halved.Higher earnings reduced the need for new debt financing,and many oil majors,such as Shell and BP,also scaled back their energy transition ambitio

83、ns last year.Energy transition debt issuance in 2022-23,by BICS sectorMany sectors raised debt to fund energy transitionSource:Bloomberg,BloombergNEF.Note:Sectors based on Bloomberg Industry Classification System(BICS)level 1.Energy subsector breakdown based on BICS level 2.20222023328.3 175.5 140.9

84、 52.8 51.5 40.3 12.4 4.4 18.2 00Utilities$billionEnergy supplyEnergy demandBreakdown by energy subsectors28.7 42.0 17.5 8.3 20222023Renewable energyOil and gas CoalEnergy transition debt issuance15BNEFCopyright Bloomberg Finance L.P.2024.This publication is the copyright of Bloomberg Fina

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