Lever 3 of 3 · Business and economics · verified
Where is the money going, and what is it betting on?
Capital spent on technologies that already work, venture money behind the ones that might, and the prices and orders that show which way businesses are leaning. Every figure names its source: official and intergovernmental first, recognised data providers labelled as such.
Money into mature technologies
Annual capital spending by sector. Clean supply in blue, fossil supply in orange; the arrow compares with the year before. Click a bar for its record and source.
Clean to fossil, dollars spent
Two definitions, both shown
The IEA counts all energy capital spending, fossil included. BloombergNEF counts only transition spending, including electric vehicles bought by households. The page never mixes the two in one chart, and the build rejects a figure filed under the wrong measure.
Energy transition investment by economy, 2025 (BloombergNEF)
Venture capital into emerging themes
Early bets on technologies not yet at scale.
Themes: money raised and momentum
Themes appear only once a source we accept publishes a figure for them. Geothermal, long-duration storage and carbon removal are next, from the IEA's growth-area series.
Who raises energy venture money
Where fusion companies are based
Hydrogen: where capacity is, and where the money is
China builds electrolysers cheaply; Europe pays more for each unit of capacity. Hydrogen's share of energy venture money fell from 13% in 2023 to 4% in 2025.
Economic signals
Prices and orders that move before investment totals do. Each card says which way it tilts spending and the hypothesis it feeds; click for the source.
Deals and final investment decisions
Single deals over $250m, or over $50m in India, plus large Indian auction awards. A deal moves stage only when a filing, an auction result or the company's own release shows it.
Weak signals to watch
Announcements and memoranda without money committed. Logged, but never counted as investment. Full log
Where every figure comes from
Tier 1, official and intergovernmental: the IEA's World Energy Investment, Global Hydrogen Review and State of Energy Innovation; auction results from SECI and NTPC; stock exchange and SEC filings; and companies' own releases about their own deals.
Tier 2, recognised data providers: BloombergNEF's free annual summary and the Fusion Industry Association's yearly survey. Each figure names its provider and is never blended with Tier 1 numbers.
A news report is used only to find the filing or release, which is then cited directly. The build rejects any other source.