The world spent a record $501.3 billion in 2020 on renewable power, electric vehicles and other technologies to cut the global energy system’s dependence on fossil fuels. The investments in the transition to a low-carbon economy marked a 9% increase over 2019 and came despite disruptions from the Covid-19 pandemic, according to a report out Tuesday from BloombergNEF. The growth wasn’t spread evenly across the globe. Investment in renewable power capacity, which accounted for the biggest chunk of spending tallied by BNEF, soared 52% in Europe compared to last year. But it fell 20% in the U.S. and 12% in China.
Bloomberg 19th Jan 2021 read more »