THE world is spending more money than ever in renewable energy, most of it on solar power in China, indicated a report from BloombergNEF.
China accounted for about half of a record US$358 billion global investment in renewable energy in the first half of this year, thanks to cheaper modules, a robust rooftop photovoltaic market and the commissioning of energy megabase projects, said the report. The US was a distant second.
Still, US investments in solar soared 75 per cent from the first half of 2022 to US$25.5 billion as supply chain constraints eased and clarity grew around the landmark Inflation Reduction Act, according to analysts, including Meredith Annex. The growth in solar outshone struggling wind investments, particularly for onshore projects.
The US was the top market for venture capital and private equity investments in renewables with a record US$3.3 billion.