According to Bloomberg NEF, an approximate of $55 billion was spent in the clean energy sector last year, putting the US second only to China and moving ahead of Europe.
Ethan Zindler, head of Bloomberg NEF, states:
It’s notable that in the third year of the Trump presidency, which has not been particularly supportive of renewables, U.S. clean energy investment set a new record by a country mile.
The industry went up by 1% from 2018 through global money, that’s a total of $282 billion. Although there was a rise in renewable energy investment, the decreased costs of solar and wind ensured a 13% increase in capacity.
China remained on top of the game even as investments dropped $83.5 billion. The same goes for EU investments, as they decreased to $54.3 billion.
Brazil also had an investment boost to $6.5 billion, even though its government is rather doubtful when it comes to climate changes and renewables.
Since the Paris climate agreement, the indicator of progress in the global climate battle remains around $315 billion. This shows that this level is well below what is needed to meet the objectives set in the agreement, the global temperature of a 2-degree Celsius decrease. This scenario would require investments of around $580 billion in green energy every year until the end of 2020, and then $600 billion for the next 5 years. According to the lead analyst for NEO, Matthias Kimmel,
Our latest analysis shows that as costs of renewables have fallen, achieving 2 Celsius becomes potentially cheaper than previously thought.
The temperature average has increased by 1 degree according to global research institutions. Furthermore, the year 2019 was the 2nd hottest year and the last decade was the hottest ever recorded.
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Image Source by CleanTechnica