In 2024, the global energy transition landscape saw significant investment trends. Over $757 billion was allocated to passenger and commercial EVs, electric two- and three-wheelers, and public EV charging stations, representing a 20% increase from the previous year. Additionally, $728 billion was spent on renewable energy projects including wind, solar, and hydropower, although this was only an 8% rise from 2023. Energy storage also received a boost with a 36% surge in spending, reaching close to $54 billion. On the other hand, early-stage climate technologies faced challenges as investments in carbon capture and hydrogen projects were slashed by almost half in 2024. Despite the decline in these areas, global investment in energy transition is on an upward trajectory, with a focus on expanding power grids to support clean energy growth. Approximately $390 billion was invested in grid expansion and retooling, indicating a 15% increase compared to the previous year. China emerged as a key player in energy-transition investments, accounting for almost 40% of the total investments in 2024. The country outpaced major regions like the U.S., EU, and U.K. in terms of growth in spending. While the sector experienced a boom in China, the EU and the U.K. saw a decrease in funding compared to the previous year. Despite the positive momentum in energy transition investments, the International Energy Agency highlights the need for more substantial efforts, especially in developing nations, to achieve global decarbonization goals. The record-setting pace of investments in 2024, while significant, is deemed insufficient to completely eliminate the use of fossil fuels and combat climate change effectively.