that an impressive $1.1 trillion flowed into the sector in 2022. BNEF says that almost every sector hit record levels of investment in 2022, including renewable energy, energy storage, hydrogen, carbon capture and storage , electrified transport, electrified heat and sustainable materials.
Another encouraging trend: although the hydrogen sector received the least financial commitment at just $1.1 billion, it remains the fastest-growing sector with investment more than tripling thanks to strong interest from the private sector and growing policy support.However, there’s been a seismic shift in investment trends with Europe no longer the epicenter of clean energy investments after losing that spot to China.
But there’s an even bigger reason why renewable energy has gained a new allure: renewable fuels are considerably cheaper than fossil fuels, especially oil and coal. The EI study reveals that the race for lowest cost remains mostly between solar photovoltaic and onshore wind. This trend rings true even in Japan, where the scarcity of real estate handicaps land-intensive renewables, onshore wind beats coal and PV displaces gas.
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