China built out record amount of wind and solar power in 2024
Associated Press7 days
The Facts
According to a report released by BloombergNEF on Thursday, global investment in low-carbon energy transition reached a record $2.1T in 2024, marking an 11% increase from 2023, with electrified transport ($757B), renewable energy ($728B), and power grids ($390B) leading the growth.
The report found that China dominated the market with $818B in investments, showing 20% growth and accounting for two-thirds of the global increase. However, investment remained flat in the US at $338B and declined in the EU ($381B) and the UK ($65.3B).
It revealed that investment in mature technologies like renewables and electric vehicles grew 14.7% to $1.93T while emerging technologies such as hydrogen and carbon capture saw a 23% decline to $155B.
The Spin
Narrative A
The energy transition is showing remarkable resilience despite political uncertainty and high interest rates. Record-breaking investment levels and significant growth in mature technologies demonstrate strong market confidence in clean energy solutions. This is a significant step toward the world reaching 60% renewable electricity by 2030, which is critical to meeting global climate goals.
Narrative B
The planet registered the highest temperatures on record in 2024. This shows that the current pace and scale of investment are falling dramatically short of what's needed for meaningful climate action. There's a particular weakness in emerging technologies and a concerning slowdown in growth rate from 24-29% in previous years to just 11% in 2024.
