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(Bloomberg) — The race to decarbonize the world is on, and 2021 is set to break fresh records for investment and installations in renewable energy and clean technologies.
A BloombergNEF report published Tuesday showed more than $501 billion flowed into climate friendly sectors last year from renewable energy to electric vehicles and batteries to green hydrogen. All that despite the disruption caused by the pandemic.
While that pace of spending will probably continue this year, the rapid growth of clean energy stocks is likely to hit some turbulence in the months ahead. Below are just some of the predictions that BNEF analysts expect for 2021.
Wind and Solar Dominate
Investing in wind and solar proved something of a safe haven during the pandemic. As the health threat slowly recedes, installations of panels and turbines will continue to grow at pace.
New solar power installations are expected to top 150 gigawatts for the first time while wind power capacity at sea and on land will grow by 84 gigawatts. Europe and the Americas will lead the way in new wind projects, to compensate for a dip in Chinese activity.