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Energy Transition Investment Hits Record High Of $1.3 Trillion – OilPrice.com

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Energy Transition Investment Hits Record High Of $1.3 Trillion | OilPrice.com




Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Global investment in energy transition technologies hit $1.3 trillion in 2022, a 19% increase from the year before.
  • Compared to pre-pandemic levels, investment in energy transition technologies and efficiency was up more than 50%.
  • According to IRENA, the world needs to quadruple this level of investment if it wants to achieve its climate goals.

Energy

Global investments in energy transition technologies, including energy efficiency, hit a record high of $1.3 trillion in 2022, up by 19% compared to 2021 and a massive 50% surge compared to the pre-pandemic 2019, the International Renewable Energy Agency (IRENA) said in a new report on Wednesday.

Despite the jump in investments in technologies necessary for the energy transition, investment in renewables—albeit at an all-time high—are still less than 40% of the average investment needed each year between 2021 and 2030 for a scenario where the world has a chance of limiting global warming to 1.5 degrees Celsius, according to the joint report by IRENA and Climate Policy Initiative (CPI).

Last year, investment in renewable energy hit a record-high of $500 billion, the report said.

Despite the record $1.3 trillion investment in the energy transition, the current pace of investment is not nearly enough to put the world on track to meet climate or socio-economic development goals, according to the report. Annual investments need to at least quadruple to around $5.7 trillion on average between 2021 and 2030, and $3.7 trillion between 2031 and 2050, IRENA notes.

Global investments are also highly concentrated in specific technologies, such as solar power. In addition, a glaring disparity has emerged in recent years between a high level of investments in developed economies and meager funding for energy transition technologies in developed economies, especially in Africa, the report notes.

“For the energy transition to improve lives and livelihoods, governments and development partners need to ensure a more equitable flow of finance, by recognising the different contexts and needs,” IRENA Director-General Francesco La Camera said in a statement.

Moreover, the report found that achieving an energy transition in line with the 1.5°C Scenario requires redirecting $700 billion per year from fossil fuels to energy-transition-related technologies, yet fossil fuel investments are still on the rise.

The energy crisis and recent changes in policy sent global investment in low-carbon energy sources soaring to a record $1.1 trillion in 2022, with the money spent on the energy transition equaling for the first time investment in the supply of fossil fuels, a new report from research firm BloombergNEF (BNEF) showed last month.  

By Tsvetana Paraskova for Oilprice.com

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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