Government and corporate spending on energy research and development hit record highs last year, as did venture capital bets on clean energy technologies. However, risks lie ahead, and the availability of capital varies between regions and types of innovation. Fortunately, the G7 and G20 are starting to address the barriers to energy R&D investment and the disparities between countries.
The World Energy Investment 2023 report is a barometer on the world’s progress achieving clean energy transitions, given that financial commitments and spending are the ultimate tests of whether policies and pledges translate into action. The report shows that investment in clean energy technologies is significantly outpacing spending on fossil fuels, as affordability and security concerns triggered by the global energy crisis strengthen the momentum behind more sustainable options.
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