Clean energy investments hit $1.1 trillion in 2022, roughly matching fossil fuels investment for the first time ever, according to a BloombergNEF analysis released Thursday.

Clean energy investments, which include investments in nuclear, biofuels, hydrogen, and energy storage technologies, jumped 31% over 2021 levels to top $1 trillion for the first time.

Renewable energy and electrified transport benefitted from most of the investment, with passenger electric vehicles selling over 10 million units globally.

The record will need to be tripled annually if the world is to sufficiently slash fossil fuel use, and climate pollution generally, to limit global warming to the 1.5°C (2.7°F) goal set out in the Paris agreement.

As reported by OilPrice:

 “Our findings put to bed any debate about how the energy crisis will impact clean energy deployment,” said Albert Cheung, Head of Global Analysis at BloombergNEF.

 “Rather than slowing down, energy transition investment has surged to a new record as countries and businesses continue to execute on transition plans.”

Despite the largest annual jump in investment in clean energy, much more investment is needed to get the world on track for net zero in the long term, according to BloombergNEF.

In the company’s Net Zero Scenario, the world should invest an annual average of $4.55 trillion for the rest of this decade.  

For a deeper dive:

Bloomberg, E&E, OilPrice, Bloomberg

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