Clean energy investment on verge of overtaking fossil fuel spending

PARIS: Investment in cleaner energy is on the verge of overtaking fossil fuel spending for the first time since it exceeded US $1 trillion last year, according to a report on Tuesday.

According to BloombergNEF, spending on energy transition technology must triple by the end of the year 2050 to meet the target of net-zero emissions by the year 2050 to combat climate change.

The report found that US $1.1 trillion was invested in sectors such as renewables, nuclear, zero-emission vehicles or recycling projects last year, matching spending on fossil fuels.

This is the first time that the investment total has been measured in trillions, an increase of 31 per cent on the previous year.

The report said that the energy crisis caused the increase to be caused by Russia's invasion of Ukraine.

Albert Cheung, head of global analysis at BloombergNEF, said that the investment in clean energy technologies is on the brink of overtaking fossil fuel investments.

China, the world's biggest polluter, was the largest investor in the transition of energy, with the United States a distant second.