Novel coronavirus pneumonia has caused a downturn in the economy in 2020, but the global investment in energy transformation still reached a record $501 billion 300 million, up 9% from the previous year, according to Peng Boxin's latest report on Energy Finance (BNEF).

According to the report, this result benefited from the construction of the largest solar energy project in history and the investment of nearly 50 billion US dollars in offshore wind power. In 2020, the government, enterprises and households will invest US $303.5 billion in new capacity of renewable energy, with a year-on-year growth of 2%. The investment related to electric vehicles and charging infrastructure will reach US $139 billion, with a year-on-year growth of 28%.

In addition to renewable energy, investment in energy transformation has also performed well in other areas. For example, the newly installed high-efficiency and energy-saving heat pump reached US $50.8 billion, an increase of 12%, while the investment in fixed energy storage technologies such as batteries was US $3.6 billion, basically the same as that in 2019.

Global investment in carbon capture and storage (CCS) has tripled to $3 billion, and in hydrogen to $1.5 billion, down 20%, but the second highest annual figure so far.

According to geographical division, Europe accounted for the largest share of global energy transformation investment, which was US $166.2 billion, an increase of 67%; China reached US $134.8 billion, a decrease of 12%; and the United States reached US $85.3 billion, a decrease of 11%. Europe's impressive performance was mainly due to record sales of electric vehicles and increased investment in renewable energy.

"The novel coronavirus pneumonia has indeed been a barrier to some projects, but the overall investment in wind and solar energy has been strong," said BNEF CEO Jon Moore. As more and more countries and enterprises are committed to the goal of zero emissions, and more and more green stimulus plans are implemented, more investment in energy transformation will be promoted in the next few years. "

Source: China Environment News