Energy ministers from the world’s largest economies and other nations are gathering this week in Goa, India for the 14th annual Clean Energy Ministerial and 8th annual Mission Innovation conferences. BloombergNEF is there as well with its third annual Energy Transition Factbook, a 62-slide full-color flipbook aimed at informing policy-makers on the latest trends in renewables, electric vehicles, and efficiency, along with other technologies and fuels such hydrogen, carbon capture and energy storage.
The Factbook chronicles the extraordinary progress that has been achieved over more than a decade in the energy transition, including:
- A surge of investment into energy transition technologies in CEM economies to over $1 trillion in 2022, up from $760 billion in 2021 and $420 billion in 2018.
- A major push by governments to adopt long-term net-zero CO2 emissions targets. Nine in 10 citizens on Earth now live in countries with some form of commitment to achieve net-zero on the books.
- Renewables are now the cheapest source of electricity where two-thirds of the world lives.
- Over 31 gigawatts of new battery storage capacity was added to grids in CEM economies in 2022, up from 9.7 gigawatts added in 2021.
- Approximately 17% of automobiles sold worldwide in 2022 could plug into the power grid. In all, 10.4 million electric vehicles were sold in 2022, up 60% compared to 2021.
The report was produced in partnership with the CEM for the third year running. Spiral-bound copies are being distributed on site in Goa over the course of the event.