Record High Investment in Renewable Energy in the First Half Despite COVID-19

[Image source= Bloomberg]

[Asia Economy Reporter Park Byung-hee] Bloomberg reported on the 3rd (local time) that the scale of global renewable energy investment in the first half of this year reached an all-time high.

According to Bloomberg New Energy Finance (BNEF), the investment scale in solar, wind, eco-friendly technologies, and companies in the first half of this year was $174.3 billion. This is a 1.8% increase compared to $171.3 billion in the first half of last year. However, it decreased by 7% compared to the second half of last year.

Bloomberg interpreted the slight increase in investment in the first half of this year as the industry's response to rising costs due to increased raw material prices.

Albert Cheung, an analyst at BNEF, said, "The renewable energy sector has weathered the COVID-19 situation well," adding, "Other energy sectors have experienced unprecedented fluctuations." Nevertheless, he emphasized, "A 1.8% increase is not something to boast about," and "Immediate investment expansion is necessary to achieve global carbon neutrality."

The expansion of investment in renewable energy companies led the increase in renewable energy investment in the first half of the year. The amount of funds raised by renewable energy-related companies in the public market was $28.2 billion, more than five times compared to the first half of last year. Venture capital and private equity investments in renewable energy companies also increased.

Investment in the solar energy sector also recorded $78.9 billion, a 9% increase compared to the same period last year. China invested a total of $7.7 billion in the solar energy sector, with $2.8 billion in the first quarter and $4.9 billion in the second quarter.

Investment in wind power generation decreased by more than 30% compared to the first half of last year, totaling $58 billion. This is interpreted as being influenced by the end of support benefits in the United States and China.

This content was produced with the assistance of AI translation services.