In January-June 2021, investors spent $174 billion on renewable energy projects – an increase of 1.8 % compared to the same period a year earlier.
“Renewable energy investment has withstood the effects of the global pandemic, in contrast to other sectors of the energy economy, where we have seen unprecedented volatility,” said Albert Cheung, head of analysis at BloombergNEF.
“However, a 1.8% year-on-year increase is nothing to write home about. An immediate acceleration in funding is needed if we are to get on track for global net zero.”
At the beginning of the year, the sector attracted record levels of funding from public markets — $28.2 billion. That figure was five times higher than a year earlier. Private investment in the renewables sector also rose.
Investment in solar energy rose by 9 % to a record $78.9 billion – but investment in wind energy underwent a decline of one third to $58 billion.
Last year’s rise In investment is linked to the fact that investors were anxious to take advantage of support mechanisms in the United States and China before the programmes expired. China invested $7.7 billion in solar energy and $21 billion in wind energy. According to Bloomberg NEF data, investment in renewable energy sources in 2020 totalled $303 billion. The share of renewables in power generation rose to 29 % from 27 %. Forecasts put the share of renewable at one-third of world-wide capacity of electricity generation by 2025.