News
Electrified Transport Investment Soared Globally in ’23, Passing Renewable Energy
China spent much more than any other nation on the energy transition last year, but spent less overall than it did in 2022.
By Dan Gearino
Electrified transportation sped past renewable energy last year to become the world’s largest category of energy transition investment.
Related Knowledge Center: ENERGY BASICS: renewables
State of Play
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.