Global spending on energy transition reaches record high of $501bn, new WEF report says

Global spending on energy transition reaches record high of $501bn, new WEF report says

Global spending on energy transition hit a record of more than $500 billion in 2020, as countries continue to prioritise offsetting emissions and charting a greener economic recovery, according to a new report by the World Economic Forum.

Flows of finance into energy transition reached an all-time high of $501bn last year, up from $458bn in 2019, according to the WEF's Energy Transition Index 2021.

The index, which surveys 115 countries, benchmarks them on the basis of their energy system performance as well as their readiness for transition to a greener energy