World invests record amount in decarbonization efforts

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According to a recent analysis of investments in energy transition compiled by BloombergNEF (BNEF), Bloomberg’s leading research service that covers clean energy and advanced transportation.

BNEF analysis shows businesses, governments and households invested $ 303.5 billion in new renewable energy capacity in 2020, up 2% year-on-year, helped by larger construction solar projects and an increase of $ 50 billion for offshore wind. Overall, investment in solar capacity rose 12% to $ 148.6 billion, and wind (onshore and offshore) fell 6% to $ 142.7 billion. They also spent $ 139 billion on electric vehicles (EVs) and associated charging infrastructure, up 28% – a new record.

“Our figures show that the world has reached half a trillion dollars a year in its investment to decarbonize the energy system,” said Albert Cheung, head of analysis at BNEF. “Clean power generation and electric transmission have strong inflows, but have yet to increase spending as costs come down. We have to talk about trillions a year if we are to meet climate goals. “

A geographic breakdown of the BNEF’s investment data in the energy transition shows that Europe accounted for the largest share of global investments, at 166.2 billion dollars (up 67%), with China at 134, $ 8 billion (down 12%) and the United States at $ 85.3 billion (down 11%). Europe’s impressive performance was driven by a record year for electric vehicle sales and the best year of renewable energy investment since 2012.

Highlights of total renewable energy investment included a 56% jump in offshore wind project funding to $ 50 billion, including the biggest contract ever in this subsector – $ 8.3 billion to the 2.5 GW Dogger Bank project in the United Kingdom. the largest solar park ever funded, 2 GW Al Dhafrah in the United Arab Emirates, at a cost of $ 1.1 billion.

In terms of regions, investment in renewable energy capacity in Europe – at $ 81.8 billion, up 52% ​​- was the highest since 2012 and almost caught up with China, at $ 83.6 billion dollars, down 12%. The United States fell 20% to $ 49.3 billion, with wind investment almost halving, and India fell 36% to $ 6.2 billion.

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