Investment in solar power plants breaks records, while wind investment falls

Global investment in renewable energy reached a record USD 358 billion in the first half of this year, up 22% year on year and the highest half-year figure on record. Growth was driven mainly by solar power plants, which attracted a record USD 239 billion in investment. Investor activity in the wind power sector, by contrast, continues to decline, with investment totaling just under USD 65 billion.

Researchers at BloombergNEF (BNEF) said that China remained by far the largest investor in renewable energy in the first half of this year, with USD 177 billion, up 16% year on year. The United States invested USD 36 billion and Germany USD 11.9 billion.

By technology, solar power plants were the key driver, attracting a record USD 239 billion in investment, 43% more than in the first half of 2022. China accounted for roughly half of the investment. Investment in solar power plants in the US rose 75% year on year to USD 26 billion. Record investment in solar power plants was also recorded in a number of European countries, led by Germany, Poland and the Netherlands.