Carbon Emissions Continue to Rise Despite Massive Clean Energy Investments
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Carbon Emissions Continue to Rise Despite Massive Clean Energy Investments

/ Quick Take

In 2016, the balance of global investments in clean energy and fossil fuels tipped positively toward clean energy. The total volume of clean investments, including renewables, electrification, and power grids, rose to $1.8 trillion in 2023, compared to roughly $1.1 billion in fossil-fuel infrastructure investments.

In 2016, the balance of global investments in clean energy and fossil fuels tipped positively toward clean energy. The total volume of clean investments, including renewables, electrification, and power grids, rose to $1.8 trillion in 2023, compared to roughly $1.1 billion in fossil-fuel infrastructure investments.

While many economies and businesses committed to reducing greenhouse gas emissions (GHG) and increased investments to achieve net zero by 2050, global CO2 emissions continue to rise.

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Since 2020, clean energy investments have increased dramatically due to the low cost of solar and wind energy, energy efficiencies, and targeted policies in many countries. Consequently, adoption of cheaper renewables, efficiencies, and a phaseout of coal power plants reduced energy sector emissions in the US and many EU countries.

However, global emissions from energy-related activities continue to rise as many nations still predominantly depend on fossil fuels and lag in their efforts to electrify their economies.

Global CO2 emissions continued to rise in 2023 despite record clean-energy investments

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Author

Alexander Heil, PhD

Alexander Heil, PhD Alexander Heil, PhD

Senior Economist, ESF Center
The Conference Board

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