Where the billions pouring into the energy transition are going

A Washington Metro electric bus is seen at the Washington Auto Show in Washington on Jan. 21, 2022. Foto: Bloomberg photo by Al Drago

Energy transition investment follows familiar patterns in global capital markets. Large, established financial institutions supply hundreds of billions of dollars a year to finance construction of long-lived assets using familiar zero-carbon technologies - i.e., deployment. Smaller institutions (some well-established, others quite new) supply tens of billions to fund company formation and the proving-out of new technologies and business models, or innovation.

Last year, energy transition and climate tech - including renewable energy, energy storage, electrified vehicles and heating, hydrogen, nuclear power, sustainable materials and carbon capture - attracted more than $900 billion. Energy transition pulled in $755 billion, a 25% increase over 2020 investment, double what was invested in 2015, and a more than 20-fold increase since 2004...

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