Renewable investments hit record levels in first half of 2021
Investors poured more money than ever into renewable energy in the first half of the year, but the pace is far from enough to sufficiently curb increasing carbon emissions.
As much as $174 billion was spent on solar, offshore wind and other green technologies and companies in the period, according to data from BloombergNEF. While it’s 1.8% more than a year earlier, the level is 7% below the previous six months.
The small increase shows the resilience of the industry leading the fight against climate change despite rising costs because of the surge in commodity prices this year. However, it’s way below what’s needed for nations and companies to reach their targets to limit emissions over the coming decades.
Investment in solar projects was up 9% to a record $78.9 billion in the first half. Solar projects in China garnered $4.9 billion in the second quarter, up from $2.8 billion in the first quarter.
However, investment in wind projects fell to $58 billion, down more than 30% compared with the same period last year when developers were rushing to take advantage of expiring support mechanisms in China and the U.S.
4 August 2021