Renewable Energy Investment Tops $300bn
Global investment in renewable energy technology has topped the $300 billion mark for the fifth year running. The invested amount is very promising and is likely to increase over the course of 2019.
The figures were calculated and published by Bloomberg New Energy Finance, a leading provider of primary research on clean energy. The exact amount of worldwide investment in clean energy technologies during 2018 was $332.1 billion (£255.1 billion). This includes technologies such as wind farms and solar panels, as well as the infrastructure to implement and maintain them.
Breakdown of Global Renewable Energy Investment
The report by Bloomberg New Energy Finance states that overall investment in wind power was $128.6 billion (£98.7 billion). That is an increase of 3% on the 2017 figure. It also includes $25.7 billion (£19.7 billion) invested in offshore wind. That figure represents the second highest amount ever invested in offshore wind technology. It is also a huge 14% rise on the global investment amount in offshore wind power during 2017.
Global investment in solar technology amounted to a colossal $130.8 billion (£100.4 billion). Installations increased from 99GW in 2017 to approximately 109GW in 2018, as countries took advantage of the technology’s fiercely improved competitivenes
More Renewable Energy Technologies Receive Investment
Other renewable energy technologies that saw increases in investment were the likes of biomass boilers and waste-to-energy projects. Worldwide investment in these clean energy projects increased by a fifth. Investment in geothermal technology also increased by a tenth on the amount invested on it during 2017. Marine energy investment also increased by a total of 16%.
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