The world committed a record $501.3 billion to decarbonization in 2020, despite challenges brought on by the unprecedented COVID-19 pandemic, according to data compiled by BloombergNEF (BNEF). This new record surpassed decarbonization efforts in 2019 by 9 percent.
BNEF’s analysis shows that companies, governments and households invested $303.5 billion in new renewable-energy capacity in 2020 — a 2 percent increase from the year prior — which was fueled by the largest-ever build-out of solar projects and a $50 billion surge for offshore wind. In addition, $139 billion was spent on electric vehicles and associated charging infrastructure, a 28 percent increase.
“The coronavirus pandemic has held back progress on some projects, but overall investment in wind and solar has been robust and electric vehicle sales jumped more than expected,” said Jon Moore, CEO of BNEF. “Policy ambition is clearly rising as more countries and businesses commit to net-zero targets,