Spending on Global Energy Transition Hits Record $500 Billion

Bloomberg Quint | Jan 19, 2021 at 7:30 PM
  • 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.
  • Spending on renewables rose 2% globally, boosted by the biggest-ever expansion of solar power and a 56% surge for offshore wind projects, to $50 billion.
  • Falling costs allowed developers to install more renewables than ever before.