Global interest in cleaner energy grew, as investment in assets that strive for a cleaner environment saw the hugest growth in 2020.
This was disclosed in a report by Bloomberg New Energy Finance, stating that a total of $501.3 billion was gulped by decarbonisation efforts.
Out of that sum, $303.5 billion was invested into renewable energy by governments, households, and corporations, which is 2 percent more than was recorded in 2019.
With more and more people shifting towards electric vehicles, a total of $139 billion was spent in the acquisition of electric vehicles and other electric products.
According to the report, the continent that took the largest share of the sum was Europe, taking $166.2 billion, with most of the money coming from the sales of electric vehicles.
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Countries like the United States and China saw a drop in profit, taking $85.3 billion and $134.8 billion respectively.
The report stated that renewable energy saw a jump of 2 percent ($303.5 billion) in 2020, coming in second place after 2017’s total of $313.3 billion.
It read, “Falling capital costs enabled record volumes of both solar (132GW) and wind (73GW) to be installed on the basis of the modest increase in dollar investment.”
