Energy Transition

Investment Trends
2025
Abridged report

Tracking global investment in

the low-carbon transition

January 30, 2025

This is the abridged version of Energy Transition Investment Trends 2025. BNEF clients
and Bloomberg Anywhere users can find the full report on the Terminal and bnef.com

Executive summary
Global investment in the energy transition hit a record $2.1 trillion in 2024,
Global energy transition
climbing 11% from a year earlier. Mainland China has returned to the driving
seat, accounting for two-thirds of the global increase seen last year. The $2.08 trillion investment in 2024
global clean energy supply chain saw $140 billion in new investment, despite
ongoing struggles with overcapacity. Equity and debt issuances for climate Global clean energy supply chain
and energy transition purposes remained just above $1 trillion. $140 billion investment in 2024
● This report is BNEF’s annual review of investment in the energy transition. This
includes ‘energy transition investment’ (spending to deploy clean technologies),
Total debt and equity raised for
as well as investment in the clean energy supply chain, equity investment in
climate-tech companies, and debt issuance for energy transition purposes.
$1.06 trillion climate/energy transition in 2024

Energy transition investment

Global energy transition investment, by sector
● Global energy transition investment has surpassed $2 trillion for the first time
$ billion
and more than doubled since 2020, but growth slowed to just 10.7% in 2024, 2,200 2,083 Grids Power grids
from 24-29% in each of the years 2021-23. By far the largest sectors are 2,000 1,881 Industry Clean industry
electrified transport at $757 billion, renewable energy at $728 billion and power
1,800
grids at $390 billion. All three of these sectors grew to new records in 2024, as Buildings Electrified heat
did energy storage, which shrugged off headwinds to reach $54 billion. 1,600 1,517
Clean shipping
● In contrast, the other seven sectors (nuclear, carbon capture and storage, 1,400
Trans-
hydrogen, clean shipping, electrified heat and clean industry), together 1,177 port
1,200 Electrified
accounted for just 7.4% of total investment, and actually declined 23% in 2024, transport
1,000 929
illustrating the ongoing challenges in scaling up ‘emerging’ clean technologies. Hydrogen
800
● The Asia Pacific region grew fastest, at 21% year-on-year, and surpassed $1 CCS
trillion in 2024, accounting for half of the world’s energy transition investment. 600
Clean Nuclear
Mainland China’s growth alone accounted for two-thirds of the global uptick, as 400 energy
the market invested $818 billion in 2024 – more than double any other Energy storage
200
economy. US investment was stable at $338 billion, while EU and UK
investment fell. Of the top 10 markets, mainland China invested most as a 0 Renewable
2020 2021 2022 2023 2024 energy
portion of GDP (4.5%), followed by Germany, the EU-27 bloc and the UK.
Source: BloombergNEF. Note: Start years differ by sector but all sectors are
● Annual investment is running at just 37% of the levels required for the rest of present from 2020 onwards – see Methodology. Most notably, nuclear figures
this decade if the world is to get on track for net zero by 2050. start in 2015 and power grids in 2020. CCS refers to carbon capture and storage.

1 Energy Transition Investment Trends 2025

Executive summary
Supply chain investment
Clean energy supply chain investment Global clean energy supply chain investment, by sector
● Clean energy supply chains, including equipment factories and battery- $ billion Risk-adjusted outlook
metal production assets, saw $140 billion in investment in 2024, a slight
200 164
dip compared to a year earlier. The total reflects the value of new 145 140 144 141 Battery
150
factories commissioned in 2024 producing solar, battery, electrolyzer metals
100 74
and wind equipment, as well as mines and processing facilities for 32
49
50 Clean-tech
battery metals.
factories
0
● We also estimate future supply chains additions based on company 2020 2021 2022 2023 2024 2025e 2026e 2027e
announcements. However, solar, battery, battery metals and
electrolyzer manufacturing are all in a state of overcapacity. We have Global clean-tech factory investment by geography
consequently discounted future additions, as many investments are
expected to get delayed or canceled. Even after being heavily $ billion Risk-adjusted outlook
140 130 130
discounted, investment is set to keep growing: global supply chain RoW
112
spending is expected to rise to $164 billion in 2025. 120 106 111
Southeast Asia
● Progress is being made on onshoring supply chains outside of 100
mainland China. But in the US, Europe and India, supply chain East Asia (ex.
80 63 mainland China)
investments are also threatened by manufacturing inexperience, high India
local costs and political risk. Mainland China still accounted for 81% of 60
42
investment in 2024 – only slightly below the 2020-23 average – and will US
40 25
continue to account for the bulk of spending for years to come. 19
20 12 Europe
● Supply chain investment is on track for net zero. BNEF’s Net Zero
0 Mainland China
Scenario requires yearly factory investment to average $45 billion
2018 2019 2020 2021 2022 2023 2024 2025e2026e2027e
through 2030; the world already achieved more than that in 2024. Much
Source: BloombergNEF. Note: Clean-tech includes factory investment across the
the same is true of battery metal production. Overcapacity might manufacture of solar (polysilicon, wafers, cells and modules), batteries (separators,
weaken the case for adding production assets, but equally results in an electrolytes, cathodes, anodes and cells), wind turbines (nacelles only), and hydrogen
ample supply of clean energy equipment and inputs at low prices. electrolyzer manufacturing (stack assembly only). Battery metal includes lithium,
cobalt and nickel mines and the refineries required to process them for batter-making.
‘RoW’ refers to rest of world, and ‘East Asia (ex. mainland China)’ comprises Taiwan,
Japan and South Korea.

2 Energy Transition Investment Trends 2025

Executive summary
Equity finance
Climate-tech equity finance Climate-tech equity financing, by sector and financing type
● Climate-tech companies raised $50.7 billion in private and By sector By financing type
public equity in 2024, down 40% year-on-year, marking the Funding ($ billion) Funding ($ billion) Reverse merger
Buildings
third consecutive year of contraction. Clean power and Agriculture Private placement
transport companies led fundraising, bringing in $31.8 billion. 180 Industry 180 Secondary offering
168.0 168.0 IPO
Carbon and nature VC/PE
● In recent years, the climate venture market was more resilient Clean molecules
to the tough funding environment than the broader market. In 160 160
Energy storage
2024, this trend reversed. Venture dollars deployed to climate Transport - 24%
fell 40% despite overall venture funding in the economy Clean power
140 140
increasing. The change can be partially attributed to a new 127.5 127.5
wave of artificial intelligence startups attracting funding.
120 120
● Capital raised via initial public offerings (IPOs) totaled $6.2
- 34%
billion in 2024, 85% less than in 2021. Funding for already-
100 100
listed climate-tech companies fared decently with secondary
offerings growing 7% annually. 84.4 84.4
80 80
● The US was the largest market for equity raising with $17.9 - 40%
billion of new issuances tracked. Mainland China fell to second
place with $9 billion. India saw year-on-year growth of 20%, 60 60
50.7 50.7
ending 2024 with $5.3 billion raised off the back of numerous
clean-tech firms listing publicly. Companies based in the 40 40
European Union raised a total of $5.6 billion.
● The languishing public market funding environment in the last 20 20
two years caused an uptick in M&A activity. Volumes totaled
$68.8 billion across 200 deals in 2024. This is a 7% drop from
2023 but 28% jump from 2022. Financials and energy 0 0
2021 2022 2023 2024 2021 2022 2023 2024
companies have been the most active acquirers.
Source: BloombergNEF, Bloomberg Terminal MA<GO> and IPO<GO>, Pitchbook. Note: IPO is
initial public offering. VC/PE refers to venture capital and private equity.

3 Energy Transition Investment Trends 2025

Executive summary
Debt issuance
Energy transition debt issuance Energy transition debt issuance in 2023-24 in top markets
● Energy transition debt totaled $1 trillion in $ billion
0 50 100 150 200 250
2024, 3% higher than a year earlier.
Corporate debt rose 5% on the back of 2023 196.6
+5%

U
interest rate cuts around the world. US
2024 206.2
Meanwhile, we tracked a slight drop in project
Mainland 2023 149.1
+13%

C
debt volumes and stable government energy
China 2024 168.7
transition debt levels.
Supra- 2023 69.6
+8%

S
● These issuances include labeled corporate nationals 2024 75.2 Funding
and government loans and bonds with use of destination:
2023 79.0
proceeds related to the transition, clean

G
Germany -16% Renewable energy
2024 65.9
energy project debt, and general purpose
2023 50.8 Energy storage
corporate debt, with deal values discounted France +33%

F
by issuers’ exposure level to clean energy 2024 67.5 Nuclear
sectors. Labeled sustainable debt accounted 2023 32.8 CCS
Canada C +39%
for 64% of energy transition debt in 2024. 2024 45.7 Hydrogen
● The US and mainland China are by far the 2023 37.6 Electrified transport
Italy -23%
I

biggest markets for energy transition debt. 2024 28.8 Power grids
Both markets grew debt sales last year. 2023 17.1 Other
Europe’s issuances slid by 7% due to slowing Australia +63%
A

2024 27.8
markets such as Germany, Italy and Spain.
2023 22.2
The volume in Africa and the Middle East UK
U

+11%
slumped by 35%. 2024 24.8
2023 36.5
● Many sectors raise debt for the transition – Spain
S

-29%
2024 25.9
clean energy firms only make up 5% of the
total. Utilities are the largest fundraisers.
Governments and financials follow as they Source: BloombergNEF, Bloomberg. Note: Market attribution according to instruments’ market of risk. Funding
subsidize, invest or lend to the value chain. destination estimated based on issuer announced use of proceeds or company revenue exposure. CCS is
carbon capture and storage.

4 Energy Transition Investment Trends 2025

Authors

Energy transition investment Sectoral contributions

Albert Cheung Allen Tom Abraham (clean industry and carbon capture and storage)
Yushan Zhang Sami Alisawi (hydrogen and clean industry)
Meredith Annex Madeleine Brolly (electrified transport)
Brenna Casey (carbon capture and storage)

Clean energy supply chain investment Ryan Fisher (electrified transport)

Antoine Vagneur-Jones Chris Gadomski (nuclear)

Stephanie Muro Eva Gonzalez Isla (power grids)

Samson Cheng (wind) Yara van Ingen (electrified heat)

Ellie Gomes-Callus (metals) Claudio Lubis (scenarios, fossil fuels)

Andy Leach (batteries) Siyi Mi (electrified transport)

Evelina Stoikou (batteries) Nelson Nsitem (energy storage)

Youru Tan (solar) Aleksandra O’Donovan (electrified transport)

Martin Tengler (hydrogen) Jade Patterson (biofuels)

Nikolas Soulopoulos (electrified transport and clean shipping)
Yayoi Sekine (energy storage)
Climate-tech equity finance
Yuchen Tang (clean industry)
Mark Daly
Anastasia Tomasidou (carbon capture and storage)
Musfika Mishi
Kirti Vasta (clean industry)
Maynie Yun Ling Yang (electrified transport)
Energy transition debt issuance
Jonathan Luan

5 Energy Transition Investment Trends 2025

Types of funding covered in this report
This report is BNEF’s annual assessment of funding flows relating to the materials production facilities to supply technology for the energy transition.
energy transition, covering four distinct types of financial flows. In contrast, climate-tech equity finance and energy transition debt
Energy transition investment denotes real-economy investment issuance cover the raising of funds by companies, governments and
commitments and spending to deploy clean-energy technology and projects from investors – the proceeds of which can be deployed into energy
infrastructure that is aligned to net zero, while clean energy supply chain transition investment or supply chain investment.
investment covers investments to develop and construct factories and

Clean energy supply

Energy transition investment chain investment
Deployment of net-zero-aligned Construction of manufacturing facilities and development
technology and infrastructure of mines for producing clean energy technologies

Climate-tech equity finance Energy transition debt issuance

Equity raised by companies focused Debt issued by companies, governments and projects to
on climate and energy transition fund the energy transition

6 Energy Transition Investment Trends 2025

More detail on the four funding types in
this report
Energy transition investment Climate-tech equity finance
The first two sections of this report cover ‘energy transition investment’ – The fifth and sixth sections of this report cover the raising of equity
BNEF’s term for money spent to deploy clean technologies such as clean investment by ‘climate-tech’ companies, either via public equity markets
energy, electric vehicles (EVs), heat pumps, hydrogen and carbon capture. or venture capital and private equity. In short, these sections focus on
equity raising by companies.
In a word, these sections focus on the deployment of technologies that
mitigate emissions or are needed for net zero across the supply and use of The scope includes companies aiming to decarbonize the energy,
energy. transport, buildings and infrastructure, industry and agriculture sectors, or
help better understand our planet and environment, assist in tracking
With data from as far back as 2004, we track each sector as much as possible greenhouse gas emissions, and mobilize financial (and consumer)
from a bottom-up perspective, giving the most robust estimate available for markets toward greener investments. Data in this section begins in 2021.
investment in the deployment of net-zero-aligned tech
In 2024, global climate-tech equity raising totaled $50.7 billion.
In 2024, global energy transition investment totaled $2.08 trillion. Our Investment Radar (web) provides the latest update on climate-tech
The underlying data for energy transition investment can be found here. equity investment trends.

Clean energy supply chain investment Energy transition debt issuance

The third and fourth sections of this report cover investment in factory The final section covers the issuance of debt by companies,
facilities and materials mining and refining for clean energy technologies. governments and projects to fund energy transition activities. These are
These sums ensure that the supply of components and systems for the lending instruments such as bonds or loans, raised by entities active in
energy transition keeps up with the pace of deployment, though they do not the energy transition sectors.
mitigate emissions themselves. Data in this section begins from 2018. In 2024, energy transition debt issuance totaled $1.01 trillion.
In 2024, supply chain investment totaled $140 billion.

These sections track the types of finance being raised by companies for
climate and energy transition purposes. These funds form some of the
These sections track the types of energy transition-related assets receiving
sources of finance flowing into the assets tracked on the left of this divide –
investment. This can be thought of as gross investment in assets, or capital
though they can also be used for other corporate purposes, including
expenditure.
research, development or operations.

7 Energy Transition Investment Trends 2025

Table of contents*

Energy transition investment: Overview 10

Energy transition investment: Sectoral findings 28

Clean energy supply chain investment: Overview 52

Clean energy supply chain investment: Sectoral findings 60

Climate-tech equity finance: Overview 66

Climate-tech equity finance: Sectoral findings 74

Energy transition debt issuance 83

Methodology: Energy transition investment 90

*Reflects table of contents for the full version of Energy Transition Investment
Trends 2025. BNEF clients and Bloomberg Anywhere users can find the full
report on the Terminal and bnef.com.

8 Energy Transition Investment Trends 2025

Energy transition investment: Overview

Global energy transition investment

exceeded $2 trillion for the first time
● Annual global investment in energy transition
Global investment in energy transition, by sector
technologies rose to nearly $2.1 trillion in 2024,
$ billion setting a new record. Although investment has
2,200 accelerated rapidly this decade – more than
2,083
Grids Power grids doubling since 2020 – growth slowed last year,
2,000 dropping to just 11% from 24-29% in each of three
1,881 years prior.
Industry Clean
1,800 industry ● Our figures track spending in 10 different sectors,
Buildings Electrified but by far the largest investment drivers are
1,600 1,517 heat electrified transport at $757 billion, renewable
energy at $728 billion, and power grids at $390
Clean
1,400 billion. Together these three sectors accounted for
shipping
1,177 Transport 90% of the total investment last year. All three grew
1,200 Electrified to new record levels, with electrified transport up
transport 20% (despite fears of an EV slowdown), power
1,000 929 Hydrogen grids up 15% and renewable energy up 8%.
● Energy storage continues to accelerate strongly,
800
CCS with 36% growth in 2024 pushing the committed
576 total to $53.9 billion. Clean shipping, which tracks
600 518
purchases of zero-emission-capable vessels,
426456 Clean energy Nuclear
383 though still tiny in relative terms, quadrupled to
400 341
285 $452 million.
231 260238 Energy
200 135152 storage ● The other sectors saw contrasting fortunes in 2024:
80 108
33 51 – Nuclear investment was flat at $34.2 billion.
Renewable
0 energy – Electrified heat fell 5.2% to $77 billion.
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

– CCS and clean industry both halved, to $6.1

billion and $27.8 billion respectively.
Source: BloombergNEF. Note: Start years differ by sector but all sectors are present from 2020 onwards; see – Hydrogen investment dropped 42% to $8.4
Methodology for more detail. Most notably, nuclear figures start in 2015 and power grids in 2020. CCS refers to billion.
carbon capture and storage.

9 Energy Transition Investment Trends 2025

Energy transition investment: Overview

A two-speed transition is emerging

Energy transition investment trends: ‘mature’ sectors Energy transition investment trends: ‘emerging’ sectors
$ billion 93% of total $ billion 7% of total
investment 300 investment
2,200
+14.7%
2,000 1,929 Power grids Clean industry

1,800 1,683
-23% Electrified heat
1,600 199
1,357 Electrified 200
1,400
transport 160 Clean shipping
1,200 154
1,043
134
1,000 114
815 Energy storage Hydrogen
800
100
600
CCS
400
Renewable
200 energy Nuclear
0 0
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

● This year’s data shows a clear distinction between sectors where the ● In contrast, ‘emerging’ technologies, where we include electrified heat,
technology is proven, commercially scalable and the business models hydrogen, CCS, nuclear, clean industry and clean shipping, face more
established, and those where the economics are yet to stack up or the fundamental challenges around affordability, technology maturity and
technology is yet to be proven at scale. commercial scalability. These sectors attracted just $154 billion in 2024, or
7% of the total, and together saw a 23% decline in investment.
● ‘Mature’ technologies such as renewables, energy storage, electric
Government policy makers and the private sector have more to do to
vehicles and power grids form the vast majority of energy transition
de-risk these technologies if they are to scale up in time to have any
investment today, and continue to grow strongly despite their maturity.
meaningful impact on emissions by the end of the decade.
These sectors accounted for $1.93 trillion of investment in 2024 and
posted 14.7% year-on-year growth – a healthy rate given the headwinds
seen in the past two years.

Source: BloombergNEF. Note: CCS refers to carbon capture and storage.

10 Energy Transition Investment Trends 2025

Energy transition investment: Overview

Mainland China is back in the

growth-driving seat
Global energy transition investment, by economy/bloc ● With 20% year-on-year growth, mainland China
alone accounted for $134 billion of the $202
billion global investment growth in 2024. The
$ billion
market posted solid growth in a range of
2,500 sectors, including renewables, energy storage,
nuclear, EVs, hydrogen, heat pumps and power
grids, ending the year with $818 billion invested.
2,083
● This was a stunning turnaround from 2023,
2,000 1,881 Rest of World when most of the growth was driven by the EU,
US and UK. Those three markets have since
Japan seen a reversal of fortune, with investment flat
in the US at $338 billion and down in the EU-27
1,517
Canada ($381 billion) and UK ($65.3 billion) in 2024.
1,500
Mainland China invested more than these three
Brazil markets combined in 2024.
1,177
● Of the large markets shown in the chart, India
India (up 13% to $47 billion) and Canada (up 19% to
1,000 929
$35 billion) also added to the global growth
UK story.
576 ● Brazil and Japan both saw investment recede,
518 US
426 456 by 4.3% and 3.0% respectively.
500 383
341
285 260 EU-27 ● The ‘rest of world’ category rose 34% to $364
231 238
152 billion in 2024, reflecting growing investment in
135
80 108 Mainland other markets across the Americas and Asia
33 51
China Pacific.
0

Source: BloombergNEF. Note: Start-years differ by sector, but all sectors are present by 2020. The step-change in
2020 is caused in part by the addition of power grids into the scope from that year onward.

11 Energy Transition Investment Trends 2025

Energy transition investment: Overview

Mainland China invested more than double

any other economy, Canada entered the top 10
Energy transition investment and GDP share in 2024, top 10 economies plus ● Mainland China’s accelerated investment in
2024 means that it has widened its
the EU-27 and rest of the world investment lead against other countries. With
Investment, $ billion GDP share $818 billion invested in 2024, it is funding the
900 4.5% energy transition at more than twice the rate
818.4 Grids Power grids of any other economy. Normalizing for the
800 4.0% size of economy gives the same result, with
Industry Clean industry mainland China’s investment equivalent to
4.5% of its GDP – a much higher share than
700 3.5%
Buildings Electrified the EU-27 (2.0%), the US (1.2%) and others.
heat
600 3.0% ● The US is the second-largest destination for
Clean energy transition investment, at $338 billion,
shipping while third-place Germany invested $109
Trans-
500 2.5% Electrified
port billion in 2024 (equivalent to 2.3% of GDP).
transport
400 380.8 2.0% Hydrogen ● While the top-five ranking is unchanged from
338.3 332.7 2023, the UK (fourth place) and France (fifth)
CCS have fallen further behind Germany and the
300 1.5%
US. Both markets saw a steep drop in
Clean Nuclear renewables investment last year.
200 1.0% energy
● The rest of the top 10 has slightly reshuffled,
109.3 Energy with India rising to sixth place due to growth
100 65.3 50.3 0.5% storage in renewables, EVs and storage. Brazil was
47.1 37.1 35.2
30.4 28.5
Renewable displaced to seventh, while Canada entered
0 0.0% energy the top 10 at the expense of Spain.
GDPshare
● Italy and Japan rounded out the top 10, both
with slightly declining investment in 2024.
Top 10 economies ● The EU as a bloc would be ranked second,
with $381 billion invested in 2024, down 6.5%
Source: BloombergNEF. Note: EU-27 bar also includes the EU member states shown. ‘Rest of world’ is global
from 2023.
investment excluding the EU and individual economies in the chart. CCS refers to carbon capture and storage.

12 Energy Transition Investment Trends 2025

Energy transition investment: Overview

Aligning with net zero requires almost a

tripling of today’s spend figures
Comparison: 2024 energy transition investment vs. required annualized ● Energy transition investment still falls short of
what is required to reach net zero by 2050,
levels in NEO 2024 Net Zero Scenario despite hitting a new high in 2024. Annual clean
$ billion (2024) spend needs to average $5.6 trillion between
9,000 2025 and 2030, based on BNEF’s Net Zero
+2% Scenario, a 168% increase from 2024’s figure.
+37% Clean industry
7,635 7,756 ● The focus on the remainder of this decade is
crucial, given the urgent need for rapid action to
Electrified heat lower emissions and prevent reaching
+168%
undesired climate tipping points.
Electrified transport ● Electrified transport accounts for the largest
6,000 5,575
portion of the immediate investment gap – or
Hydrogen the difference between the current and required
investment figures until 2030. Spending for the
sector needs to quadruple to hit $3 trillion per
CCS
year over the rest of this decade, making up
54% of the total figure.
Energy storage
3,000 ● Annual investment for renewable energy and
power grids, which account for the second- and
2,080
Nuclear third-largest share of the total clean spend
required between 2025 and 2030, would need
Power grids to rise by 58% together from today’s levels.
● The curve gets steeper after 2030. Annual clean
Renewable energy spend across 2031 to 2035 ticks up to $7.6
0 trillion, a 3.6x scale-up from 2024 levels and
2024 Immediate 2025-30 2031-35 2036-50
37% higher than the annual rate between 2025
investment gap
and 2030. Electrified transport continues to
Source: BloombergNEF. Note: NZS = Net Zero Scenario. Future values are obtained from the New Energy dominate the total, while supply-side investment
Outlook (NEO)2024. CCS stands for carbon capture and storage. For more on the methodology, please see the starts to dwindle.
appendix.

13 Energy Transition Investment Trends 2025

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14 Energy Transition Investment Trends 2025

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