2023 US$1.77 trillion into energy transition technologies

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Summary of https://www.energy-storage.news/big-...mbergnef-says/

Investment in energy storage soared in 2023, with battery manufacturing requiring the biggest share of spending by 2030 for net zero.

Total investment in energy transition technologies hit US$1.77 trillion in 2023, a 17% increase from 2022.

China was the biggest investor, with US$676 billion representing 38% of the total.

Electric transport accounted for the biggest share by technology, with US$634 billion invested, a 36% rise year-on-year.

Investment in energy storage needs to accelerate to US$93 billion annually by 2030.

Renewable energy investment needs to more than double to US$1,317 billion annually by 2030.

Power grid investment needs to more than double to US$700 billion annually by 2030.

Electrified transport spending needs to nearly triple to US$1.8 trillion annually by 2030.

Battery manufacturing would account for 70% of all clean energy supply chain spending.

Supply chain spending is currently above what's required for net zero by 2050.

Investment in battery metals needs to increase, accounting for 20% of total supply chain spending by 2030.

No new solar PV factories are required before 2030 due to oversupply.