Global investment in renewable energy projects and companies reached a record high in the first half of 2021, totalling $174 billion (£125bn).
That’s according to the latest Renewable Energy Investment Tracker report from the research company BloombergNEF (BNEF), which suggests the total investment is the highest ever recorded in the first half of any year.
Total investment increased by 1.8%, compared to the same period last year, according to the report- investment in wind projects alone in the first six months of 2021 topped $58 billion (£41.7bn), with China recording $21 billion (£15.1bn) of investment in this space.
Solar projects attracted a record $78.9 billion (£56.7bn) of investment during the same period, the BNEF report estimates.
Albert Cheung, Head of Analysis at BloombergNEF, said: “Renewable energy investment has withstood the effects of the global pandemic, in contrast to other sectors of the energy economy where we have seen unprecedented volatility.
“However, a 1.8% year-on-year increase is nothing to write home about. An immediate acceleration in funding is needed if we are to get on track for global net zero.”
Logan Goldie-Scot, Head of Clean power at BNEF, said: “As the energy transition accelerates, investors are increasingly looking for ways to increase their portfolio exposure to renewable energy and related areas, such as energy storage and hydrogen.
“This record first half for clean energy fundraising underlines the strength of appetite for sustainable investment opportunities aligned to a net zero future.”