Finance
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.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
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.