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Spending on Global Energy Transition Hits Record $500 Billion

  • Low-carbon investments in 2020 increased 9%, BNEF finds
  • Growth was uneven, with a rise in Europe, drop in the U.S.
One of the biggest drivers of new energy transition spending this year was from clean transportation.

One of the biggest drivers of new energy transition spending this year was from clean transportation.

Photographer: Alex Kraus/Bloomberg
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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.