Canada Ranks 8th Globally in Clean Energy Investment
According to a Bloomberg report, Canada's investment in clean energy grew by 19% in 2024, reaching US$35 billion, 8th place globally. Worldwide investment also grew to a record US$2.1 trillion, an 11% increase, demonstrating the rising importance of clean energy around the world.
The worldwide investment went into 3 main sectors:
US$757 billion into electrified transport (passenger EVs, commercial EVs, charging infrastructure, etc.).
US$728 billion into renewable energy sources (wind, solar, biomass, biofuels, marine energy, geothermal, and hydro).
US$390 billion into supporting power grids (transmission upgrades, distribution upgrades, equipment, grid digitalization).
China contributed the most to the worldwide clean energy investment, more than the combined total of the United States, European Union, and the United Kingdom. The USA investment remained stagnant, while the EU and UK declined. Canada and India were among the few nations, other than China, to experience growth.
"This is a good reminder to Canadians to look at the bigger, global picture when thinking about our economic prospects and future. A global race is underway to attract investments that unleash the power of clean energy and technology to create jobs, spur local spending, and keep our mining, construction, transportation, and other sectors competitive in a fast-moving world. And we can't afford to fall behind.", said Merran Smith, president of New Economy Canada.
While support in clean energy is trending in the right direction, Bloomberg predicts that clean energy technologies might struggle to contribute meaningfully without more substantial public and private sector support.
There is still a lot to be done, but we as individuals can also contribute to the growth of the clean energy sector, all while benefiting the planet and ourselves. Borrum Energy Solutions designs microgeneration wind turbines that provide an opportunity to reduce carbon emissions, reliance on the electrical grid, and electricity costs.