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    Clean Tech Investment Equals That of Fossil Fuels- Report

    Renewable Energy Investment In India Poised To See A Rise

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    The EU Green Deal Industrial Plan For Clean Energy Tech

    The EU Green Deal Industrial Plan For Clean Energy Tech

    Solar To Be The Highest Among All Other US Power Generation

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    US Authorities Seek To Reduce Regulations On Offshore Wind

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    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

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    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    United Kingdom Onshore Wind Generation Has Now Reached 37GW

    ABO Wind connects first wind farm in Poland

    US Authorities Seek To Reduce Regulations On Offshore Wind

    Europe’s latest wind offshore auction mainly using non-price criteria is a success

    Italy's Innovatec targets EUR 100m in revenue from new solar business

    Italy’s Innovatec targets EUR 100m in revenue from new solar business

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

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Clean Tech Investment Equals That of Fossil Fuels- Report

in News, Renewable Power

According to a report by the research organisation BloombergNEF, $1.1 trillion will be invested globally in 2022 to accomplish the switch to low-carbon energy.

The quantity of funds used to sustain the supply of fossil fuels appears to be comparable to the amount invested in low-carbon technologies.

As per the study, almost every sector observed new record levels of investment in 2022, including renewable energy, energy storage, electrified transportation, electrified heat, carbon capture and storage, hydrogen, and sustainable materials.

According to the report, only nuclear power investment did not achieve a new high, remaining almost steady.

The largest industry in terms of investment continues to be that of renewable energy, which comprises wind, solar, biofuels, and other renewables. It reached a new high of $495 billion committed in 2022, an increase of 17% from the previous year.

As stated in the report, electrified transportation, which includes expenditure on electric vehicles and accompanying infrastructure, is on track to surpass renewables, with $466 billion spent in 2022, a 54% rise year on year.

Even though hydrogen is making headlines frequently, it only garnered $1.1 billion in funding in 2022, or 0.1% of the total. Hydrogen, on the other hand, experienced the quickest pace of development from its modest base as an investment, which more than tripled from the previous year.

According to the data, China was the top destination for energy transition investment. It was $546 billion, or over half of the global total. America ranked second with $141 billion. Meanwhile, the EU would have come in second if classified as a single entity, with $180 billion. Germany remained in third place, while France moved up to fourth and the UK fell to fifth.

The study also included global estimates for upstream, midstream, downstream, and unabated fossil power generation investments. The amount was expected to be $1.1 trillion in 2022, mirroring the amount invested in the energy transition.

Based on the study, despite a boost in fossil fuel investment as a result of the energy crisis, this was the first time that global energy transition investment mirrored fossil fuel investment.

According to the report, despite the 2022 outcomes, worldwide investment in low-carbon technology is still woefully short of what is required to combat climate change. The analysis calculated that this investment would need to triple right now for the world to reach a 2050 net-zero CO2 emissions trajectory.

Investment in the energy transition reached $1.38 trillion in 2022, when an additional $274 billion was invested in the power grid. In comparison, according to Bloomberg’s Net Zero Scenario, the world needs to invest $4.55 trillion per year for the rest of the decade to get back on track.

By 2022, corporate support for climate-tech projects will reach $119 billion, according to the report. These investments consist of new equity funding that climate-tech businesses have obtained from either public or private investors. Due to an entirely downward trend in public share offerings during what the research referred to as a tough year in the global equity markets, the amount represented a 29% fall from the prior year. Venture capital and private equity financings kept up nicely despite the turmoil, growing by 3% annually.

The report predicts that investment in the renewable energy industry could rise from $52.6 billion in 2021 to $78.7 billion in 2022. The majority of this, amounting to $45.4 billion, was spent on manufacturing batteries and associated components. Solar power plants collected $23.9 billion. China accounted for 91% of industrial investments in 2022, despite efforts by other nations to capture more of the global clean energy market.

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