Energy TransitionInvestment Trends 2024Tracking global investment in the low-carbon transitionJanuary 30,2024Abridged versionBloomberg NEFThis is an abridged version of Energy Transition Investment Trends 2024.The full report isavailable to BNEF subscribers and Bloomberg Anywhere users on bnef.com and the Terminal.Executive summaryGlobal investment in the energy transition hit a record $1.8 trillion in 2023,climbing 17%from a year earlier.Electrified transport was the main driver ofthis spending on the rollout of clean technologies,leapfrogging renewable$1.77 trillionGlobal energy transitioninvestment in 2023energy and accounting for more than a third of the investment total.Chinawas once again the largest market,although Europe saw the fastest growth.$135 billionGlobal dean energy supply chainThis report is BloombergNEF's annual review of global investment in the low-investment in 2023carbon energy transition.In addition to 'energy transition investment',which isfocused on the deployment of clean technologies such as renewable energyprojects,electric vehicles,power grids and hydrogen,it also covers investment inthe clean energy supply chain,venture capital,private equity and public markets$84 billionGlobal dlimate-tech equityfinance raised in 2023investment in climate-tech companies,and for the first time,debt issuance forenergy transition purposes.Electrified transport overtook renewable energy to be the largest driver ofGlobal energy transition investment,by sectorspending in 2023 at $634 billion,up 36%year-on-year.Renewable energy sawmore modest momentum,rising 8%to $623 billion.There was also strong growthin emerging areas,with investment in hydrogen tripling year-on-year,carbon1511capture and storage nearly doubling.and energy storage jumping 76%.China remains the largest contributor to energy transition investment,comprising1,1901.20038%of the global total at $676 billion.But the US posted strong growth to narrowthe gap,spending $303 billion,while the 27 members of the European Union saw1,000a combined $340 billion in investment.800and battery metals production,hit a new record at $135 billion,and is set to surgefurther over the next two years.4001321327239212.Climate-tech companies raised $84 billion in private and public equity in 2023,200down 34%year-on-year in a second straight year of contraction.Public marketsled the fall,with private investment also slightly down..The issuance of debt for energy transition purposes rose 4%to $824 billion.Source:BloombergNEF.Note:Start years differby sector but al sectors areIssuances had fallen by 10%a year earlier and the rebound has come off the back present from 2020onwards-see Methodology for more detail.Most notably.nuclear figures start in 2015 and power grids in 2020.CCS refers to carboncapture and storage.Bloomberg NEF