According to the latest report of bnef of new energy finance and economics, although the covid-19 pandemic has caused economic damage, the global investment in energy transformation will reach a record $501.3 billion in 2020, an increase of 9% over the previous year.
According to the report, thanks to the construction of the largest solar energy project in history and the investment of nearly 50 billion US dollars in offshore wind power, in 2020, the government, enterprises and households will invest 303.5 billion US dollars in new renewable energy capacity, an increase of 2% year on year, and the investment in electric vehicles and related charging infrastructure will reach 139 billion US dollars, an increase of 28% year on year.
In addition to renewable energy, investment in energy transformation has also performed well in other areas. For example, the newly installed high-efficiency and energy-saving heat pump reached US $50.8 billion, an increase of 12%, while the investment in fixed energy storage technologies such as batteries was US $3.6 billion, basically the same as that in 2019.
Global investment in carbon capture and storage (CCS) has tripled to $3 billion, and in hydrogen to $1.5 billion, down 20%, but the second highest annual figure so far.
According to the geographical division, Europe accounted for the largest share of global investment in energy transformation, with us $166.2 billion, an increase of 67%, China reached US $134.8 billion, a decrease of 12%, and the United States reached US $85.3 billion, a decrease of 11%. Europe’s impressive performance was mainly due to record sales of electric vehicles and increased investment in renewable energy.
Jon Moore, chief executive of bnef, 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 enterprises are committed to the goal of zero emissions, and more and more green stimulus plans are implemented, more investment in energy transformation will be promoted in the next few years. “