In 2020, global investment in the energy transition exceeded $500 billion for the first time

According to the latest report by Bloomberg New Energy Finance BNEF, despite the economic damage caused by the Covid-19 pandemic, global investment in the energy transition reached a record $501.
3 billion in 2020, an increase of 9%
over the previous year.

The report believes that thanks to the largest solar project construction in history and nearly US$50 billion investment in offshore wind, government, business and household investment in new renewable energy capacity reached US$303.
5 billion in 2020, up 2% year-on-year, and investment in electric vehicles and related charging infrastructure reached US$139 billion, up 28%
year-on-year.

In addition to renewable energy, investments in the energy transition also perform well
in other areas.
For example, newly installed energy-efficient heat pumps reached $50.
8 billion, up 12 percent, while investments in stationary energy storage technologies such as batteries were $3.
6 billion, essentially the same
as in 2019.

Global investment in carbon capture and storage (CCS) tripled to $3 billion, and investment in hydrogen fell 20 percent to $1.
5 billion, but the second-highest annual figure
to date.

Geographically, Europe accounted for the largest share of global energy transition investment, up 67% at $166.
2 billion, while China reached $134.
8 billion, down 12%, and the United States at $85.
3 billion, down 11%.

Europe's strong performance was driven by record sales of electric vehicles and increased
investment in renewable energy.

Jon Moore, CEO of BNEF, said: "The coronavirus pandemic has hampered progress on some projects, but overall investment in wind and solar has been strong, with sales of electric vehicles jumping more than expected
.
As more countries and businesses commit to zero-emission targets and more green stimulus packages begin to be implemented, more investments
in the energy transition will be driven in the coming years.
”