- Renewable energy investments increased year on year by 1.8% in H1 2021
- Solar projects attracted $78.9b while wind projects attracted $58b
BloombergNEF (BNEF)’s latest report indicates that about $174 billion has been spent globally on renewable energy projects and companies during the first six months of 2021. In addition, BNEF’s latest Renewable Energy Investment Tracker shows that this figure is up by 1.8 per cent compared to the past year. The report notes that the growth is driven by increased public market financing ($28.2 billion), venture capital (VC) and private equity commitments ($5.7 billion).
Despite this growth, the figures are still lower than those registered in the second half of 2020. However, BNEF notes that the amount raised by renewable energy and related companies on public markets increased by about 509 per cent compared to last year, with China’s Three Gorges Renewables alone raising $.5 billion. In addition, solar projects saw record investments of $78.9 billion, with China attracting $7.7 billion while the US attracted $11.7 billion on large-scale solar projects. On the other hand, while investment in wind projects reached $58 billion, it was still short of the $85 billion recorded in H! 2020.
Albert Cheung, head of analysis at BNEF, stated: “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. An immediate acceleration in funding is needed if we are to get on track for global net-zero.”