Record Investments in the Low-Carbon Energy Transition in 2024

The BloombergNEF 2024 report reveals a historic record of global investments in the low-carbon energy transition, driven by electrified transport, renewable energy, and power grids.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Global investments in the low-carbon energy transition reached unprecedented levels in 2024, according to BloombergNEF’s report.

Record Global Investments

The analysis reveals an 11% increase compared to the previous year, bringing the total to 2.1 trillion dollars. The key sectors include electrified transport, renewable energy, and the modernization of power grids. The report specifies that investments in energy transition technologies, while on the rise, show a growth rate lower than in previous years, when they varied between 24% and 29%.

Investments by Sector

The electrified transport sector, incorporating electric vehicles, two-wheelers, and charging infrastructure, attracted 757 billion dollars. This amount underlines the importance given to low-carbon mobility in the global decarbonization strategy.
Investments in renewable energy amounted to 728 billion dollars, including projects in wind energy (both onshore and offshore), solar, as well as sectors such as biofuels and biomass. Two other areas, power grids and energy storage, attracted 390 billion dollars respectively, emphasizing the need for a robust infrastructure to support the transition.

Key Figures

Sectoral performance highlights strategic investments aimed at supporting the growth of production and distribution capacities. This dynamic reflects the willingness of financial actors to address the challenges of the energy transition on a global scale.

China’s Performance

China stands out by recording 818 billion dollars in investments, a 20% increase compared to 2023. This figure surpasses the combined investments made by the United States, the United Kingdom, and the European Union, indicating Beijing’s leading position in this transformation.
Albert Cheung, Deputy CEO of BloombergNEF (Bloomberg New Energy Finance), emphasizes that despite this record, further efforts are necessary, particularly in industrial decarbonization, hydrogen, and carbon capture.

Transition Prospects

Projections indicate that global investments will need to average 5.6 trillion euros per year between 2025 and 2030 to approach the net-zero goal by 2050, in line with the Paris Agreement. These figures illustrate the complexity of the challenges to be met, even though the trajectory initiated is encouraging for sustaining progress in the energy transition.

Kogi State Electricity Distribution Limited reported a ₦1.3bn ($882,011) loss due to power fraud, threatening its operational viability in Kogi State.
More than 40 developers will gather in Livingstone from 26 to 28 November to turn Southern Africa’s energy commitments into bankable and interconnected projects.
Citepa projections confirm a marked slowdown in France's climate trajectory, with emissions reductions well below targets set in the national low-carbon strategy.
The United States has threatened economic sanctions against International Maritime Organization members who approve a global carbon tax on international shipping emissions.
Global progress on electricity access slowed in 2024, with only 11 million new connections, despite targeted efforts in parts of Africa and Asia.
A parliamentary report questions the 2026 electricity pricing reform, warning of increased market exposure for households and a redistribution mechanism lacking clarity.
The US Senate has confirmed two new commissioners to the Federal Energy Regulatory Commission, creating a Republican majority that could reshape the regulatory approach to national energy infrastructure.
The federal government launches a CAD3mn call for proposals to fund Indigenous participation in energy and infrastructure projects related to critical minerals.
Opportunities are emerging for African countries to move from extraction to industrial manufacturing in energy technology value chains, as the 2025 G20 discussions highlight these issues.
According to the International Energy Agency (IEA), global renewable power capacity could more than double by 2030, driven by the rise of solar photovoltaics despite supply chain pressures and evolving policy frameworks.
Algeria plans to allocate $60 billion to energy projects by 2029, primarily targeting upstream oil and gas, while developing petrochemicals, renewables and unconventional resources.
China set a record for clean technology exports in August, driven by surging sales of electric vehicles and batteries, with more than half of the growth coming from non-OECD markets.
A night-time attack on Belgorod’s power grid left thousands without electricity, according to Russian local authorities, despite partial service restoration the following morning.
The French Academy of Sciences calls for a global ban on solar radiation modification, citing major risks to climate stability and the world economy.
The halt of US federal services disrupts the entire decision-making chain for energy and mining projects, with growing risks of administrative delays and missing critical data.
Facing a potential federal government shutdown, multiple US energy agencies are preparing to suspend services and furlough thousands of employees.
A report reveals the economic impact of renewable energy losses in Chile, indicating that a 1% drop in curtailments could generate $15mn in annual savings.
Faced with growing threats to its infrastructure, Denmark raises its energy alert level in response to a series of unidentified drone flyovers and ongoing geopolitical tensions.
The Prime Minister dismissed rumours of a moratorium on renewables, as the upcoming energy roadmap triggers tensions within the sector.
Kuwait plans to develop 14.05 GW of new power capacity by 2031 to meet growing demand and reduce scheduled outages, driven by extreme temperatures and maintenance delays.

All the latest energy news, all the time

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.