According to the latest report from Bloomberg New Energy Finance BNEF, despite the economic destruction caused by the Covid-19 pandemic, global investment in the energy transition reached a record US$501.3 billion in 2020, an increase of 9% over the previous year.

The report believes that thanks to the construction of the largest solar energy project in history and nearly US$50 billion of investment in offshore wind power, in 2020, government, business, and household renewable energy investment in new capacity will reach US$303.5 billion, a year-on-year increase of 2%. , Investment in electric vehicles and related charging infrastructure reached 139 billion US dollars, an increase of 28% year-on-year.

In addition to renewable energy, energy transition investment has also performed well in other areas. For example, newly installed high-efficiency and energy-saving heat pumps reached 50.8 billion U.S. dollars, an increase of 12%, while investment in stationary energy storage technologies such as batteries was 3.6 billion U.S. dollars, basically the same level as in 2019.

Global investment in carbon capture and storage (CCS) has tripled to US$3 billion, and investment in hydrogen has been US$1.5 billion, a decrease of 20%, but the second highest annual number so far.

In terms of geographical division, Europe accounted for the largest share of global energy transition investment at 166.2 billion US dollars, an increase of 67%, China reached 134.8 billion US dollars, a decrease of 12%, and the United States 85.3 billion US dollars, a decrease of 11%. The impressive performance in Europe is mainly due to record sales of electric vehicles and increased investment in renewable energy.

BNEF CEO Jon Moore said: “The coronavirus pandemic has hindered the progress of some projects, but overall investment in wind and solar energy has been strong, and sales of electric vehicles have jumped more than expected. As more and more countries and companies are committed to Achieving the goal of zero emissions, and more and more green stimulus plans are being implemented, which will promote more energy transition investment in the next few years.