The global investment in new renewable energy capacity, excluding large hydropower dams, stood at $132.4 billion in the first half (H1) of 2020, up 5 per cent from a revised $125.8 billion in the same period last year despite COVID-19, according to a recent research by BloombergNEF (BNEF).
It, however, added that onshore wind investment slipped 21 per cent to $37.5 billion, while that for solar fell 12 per cent to $54.7 billion.
“We expected to see Covid-19 affecting renewable energy investment in the first half, via delays in the financing process and to some auction programs. There are signs of that in both solar and onshore wind, but the overall global figure has proved amazingly resilient – thanks to offshore wind,” said Albert Cheung, head of analysis at BNEF.
The overall clean energy investment, including renewables capacity financing and corporate-level equity deals, came to $137 billion in the first half of 2020, up 4 per cent on H1 2019’s $131.9 billion.