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BloombergNEF’s Energy Transition Factbook 2024 Highlights Urgent Actions for Net-Zero Future

The Energy Transition Factbook 2024, prepared by BloombergNEF for the 15th Clean Energy Ministerial, reveals strong momentum but also major gaps in the global shift to clean energy. Global investment in the energy transition reached a record $1.7 trillion in 2023, led by Clean Energy Ministerial (CEM) members. However, scaling investment—especially in emerging markets—is essential to stay on track for net-zero goals.

Renewables now dominate new power capacity additions across CEM countries, with solar and wind emerging as the cheapest electricity sources. Electric vehicle (EV) adoption is also rising rapidly, making up nearly 20% of global passenger vehicle sales.

Industry decarbonization, though slower, is progressing with electrification as the first phase, while hydrogen and carbon capture and storage (CCS) will be critical post-2030. Grid infrastructure investment must double, requiring $21 trillion by 2050 to support tripled renewable capacity.

Utilities are accelerating digitalization to better manage renewable integration and boost efficiency. Despite these advances, major challenges persist, including the slow pace of industrial decarbonization, insufficient funding, and regulatory uncertainty.

The report stresses that urgent policy action, investment growth, and international collaboration are vital for accelerating the clean energy transition and achieving a net-zero emissions future.