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renewable energy

Offshore wind powers renewables growth

offshore wind
Photo by Nicholas Doherty on Unsplash

Offshore wind’s impressive investment record over the last six months made for a positive start to the year for clean power, according to BloombergNEF (BNEF). Despite the global effects of the COVID-19 pandemic, offshore wind enjoyed its busiest ever half year for final investment decisions, achieving $35 billion, up 319% year-on-year. The increase easily offset drops in onshore wind, solar and biomass investments.

Albert Cheung, head of analysis at BNEF, said: “We expected to see Covid-19 affecting renewable energy investment in the first half, via delays in the financing process and to some auction programs. There are signs of that in both solar and onshore wind, but the overall global figure has proved amazingly resilient – thanks to offshore wind.”

Overall investment in new clean energy rose over the past six months to $132.4 billion, up 5% on the same period last year.

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Susan Robertson
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Susan is the co-founder of Innovators Magazine and a consultant for OnePoint5 Media. Susan is also a member of the UNFCCC-led Resilience Frontiers Nexus group and a board member of the APOPO Foundation UK.

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