Switched On Record Energy Transition Investment, But Slower Pace
Mar 4, 2026
Albert Cheung, deputy CEO of BloombergNEF and energy transition analyst, explains the record $2.3 trillion investment and what it actually measures. He discusses why growth slowed despite the headline number. Conversations cover China’s policy shift, shifting regional winners, and rising interest in clean industry, CCS, hydrogen, storage and nuclear.
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China Policy Shift Drove Renewables Decline
- Renewable investment fell ~9.5% to about $690bn in 2025, driven largely by a mid-year Chinese power market rule change.
- Cheung says China front-loaded projects early in 2025, then investment dropped in H2, pulling the global total down.
Global Renewables Grew Ex China
- Excluding China, global renewable investment actually grew in 2025, showing the drop was country-specific not systemic.
- Offshore wind was notably strong, especially in Europe where large projects reached financial close.
Emerging Sectors Grew But Stay Small
- Emerging sectors (nuclear, CCS, hydrogen, clean shipping, electrified heat, clean industry) grew 7% to $172bn but remain ~7.5% of the total.
- Clean industry and a 60% rise in CCS funding (Europe/Middle East) drove the uptick from a small base.