The Rise of Renewables

The Rise of Renewables

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  • Clean energy investments are on the rise, expected to surpass $1.7 trillion in 2023, reflecting a global shift towards renewable and sustainable technologies. However, fossil fuel investment still needs to be halved to achieve the goal of net-zero emissions by mid-century.
  • Consumers are increasingly investing in electrified end-uses, with global heat pump sales experiencing strong double-digit annual growth since 2021. Electric vehicle sales are projected to surge by one-third this year, building upon the growth witnessed in 2022.

Why it matters

The increasing investments in clean energy signify a growing recognition of the importance of transitioning to more sustainable and renewable sources of energy. It reflects a global response to concerns over climate change, energy security, and the need to reduce greenhouse gas emissions.


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