Despite the economic downturn in 2020 caused by the coronavirus pandemic, global investment in assets aimed at cleaner energy and environment was largest that year, a report by the Bloomberg New Energy Finance has revealed.
The report published on Tuesday said the world yielded a record $501.3 billion to decarbonization in 2020.
Of that amount, companies, governments and households invested $303.5 billion in new renewable energy capacity, two per cent higher than the previous year.
That climb was helped by the biggest-ever build-out solar projects and a $50 billion surge for offshore wind.
Also, entities globally spent $139 billion on electric vehicles and associated charging infrastructure, up 28 per cent on the previous year, setting a new record.
The report said Europe accounted for the biggest slice of global investment, at $166.2 billion (up 67 per cent), an amount linked to sales of electric cars.
While China was at $134.8 billion (down 12 per cent), the U.S. stood at $85.3 billion (down 11 percent).
“Renewable Energy Investment”
The report said global investment in renewable energy capacity moved up two per cent to $303.5 billion in 2020, the second-highest annual figure ever (after 2017’s $313.3 billion), and the seventh consecutive total of more than $250 billion.
“Falling capital costs enabled record volumes of both solar (132GW) and wind (73GW) to be installed on the basis of the modest increase in dollar investment,” it said.
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