Electric vehicles help drive green investment to new global high in 2020

Published onJanuary 22, 2021

Global annual investment in low carbon technologies surpassed $US500 billion ($A650 billion) for the first time in 2020, overcoming a year complicated by the Covid-19 pandemic, according to analysts BloombergNEF. In its latest annual clean energy investment report, BloombergNEF estimates that $US501.3 billion was invested in technologies dedicated to decarbonisation last year, beating 2019 by 9 per cent, as electric vehicles and wind and solar power each attached record levels of investment. Of this amount, BloombergNEF said more than $US300 million was invested in new renewable energy capacity, 2 percent more than the previous year, while investment in electric vehicles and associated infrastructure grew by a massive 28 per cent, setting a new annual record with $US139 billion of investment. “Our figures show that the world has reached half a trillion dollars a year in its investment to decarbonise the energy system,” head of analysis at BNEF, Albert Cheung said. “Clean power generation and electric transport are seeing heavy inflows, but need to see further increases in spending as costs fall. Technologies such as electric heat, CCS and hydrogen are only attracting a fraction of the investment they will need in the 2020s to help bring emissions under control. We need to be talking about trillions per year if we are to meet climate goals.”

Source: https://reneweconomy.com.au/electric-vehicles-help-drive-green-investment-to-new-global-high-in-2020/