BNEF: 2020 Decarbonization Investment Breaks Global Record
BNEF’s analysis shows that companies, governments and households invested $ 303.5 billion in new renewable energy capacity in 2020, supported by the biggest ever increase in solar projects and a $ 50 billion increase in offshore wind. Overall, solar capacity investment increased 12% to $ 148.6 billion, and wind (land and sea) 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,” says Albert Cheung, director of analysis at BNEF. “Clean energy generation and electricity transport are seeing heavy inputs, but as costs decrease, more expenditures should increase. If we want to achieve climate goals, we need to talk about trillions a year. ”
Geographical division of BNEF’s energy transition investment data, with Europe’s $ 166.2 billion (up 67%), $ 134.8 billion (down 12%) and $ 85.3 billion (down 11%) shows that it constitutes the biggest part of the investment. ). Europe’s impressive performance was set as a record year for electric vehicle sales and the best year in renewable energy investment since 2012.
Highlights of the renewable energy investment total include a 56% increase in financing of offshore wind projects to $ 50 billion – including the largest deal in this subsector – $ 8.3 billion for the 2.5 GW Dogger Bank project in the UK. taking. 2GW Al Dhafrah, the largest single solar park in the United Arab Emirates at a cost of $ 1.1 billion.
In terms of regions, investment in renewable energy capacity in Europe – up 52% to $ 81.8 billion – was the highest since 2012 and nearly caught up with China at $ 83.6 billion, down 12%. Wind investments nearly halved, the US fell 20% to $ 49.3 billion and India fell 36% to $ 6.2 billion.