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Clean energy investments exceeded $300bn in 2019

21/01/2019
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For the fifth year in a row, investments in clean energy exceeded the $300bn mark in 2018 according to new research from Bloomberg NEF. Countries leading the way with investments in clean energy included China ($100.1 bn), the U.S. ($64.2 bn), and Japan ($27.2 bn).
For the fifth year in a row, investments in clean energy exceeded the $300bn mark.
Dive into how the investments were divided and you’ll find sharp contrasts. Investment in wind energy rose 3% during 2018 to $128.6bn with offshore wind having its second-highest year. Compare this to solar which saw a massive drop of 24% in investments down to $130.8bn. Bloomberg NEF attribute this decline, at least in part, to a reduction in capital costs associated with solar projects.

Of the solar projects financed during 2018, the biggest included the 800MW NOORm Midelt PV and solar thermal portfolio in Morocco, at an estimated $2.4bn, and the 709MW NLC Tangedco PV plant in India, at a cost of about $500 million. 

Commenting on 2018’s investments in solar, Jenny Chase head of solar analysis at Bloomberg NEF, said:

“2018 was a difficult year for many solar manufacturers, and for developers in China. However, we estimate that global PV installations increased from 99GW in 2017 to approximately 109GW in 2018, as other countries took advantage of the technology’s fiercely improved competitiveness”.

Some of the biggest offshore wind projects financed during the year included 950MW Moray Firth East array in the North Sea, at an estimated $3.3bn, as well as 13 Chinese offshore wind farms, which received a total of $11.4bn.
Global new investment in clean energy 2004-2018 via Bloomberg New Energy Finance.
(Global new investment in clean energy 2004-2018. Image via Bloomberg NEF).

“The balance of activity in offshore is tilting,” said David Hostert, head of wind analysis at Bloomberg NEF. “Countries such as the U.K. and Germany pioneered this industry and will remain important, but China is taking over as the biggest market and new locations such as Taiwan and the U.S. East Coast are seeing strong interest from developers”.

Onshore wind was also a major beneficiary of investment last year, with $100.8bn of new asset finance globally ploughed into the sector. Some of the biggest onshore wind projects to go-ahead included the 706MW Enel Green Power South Africa portfolio, at an estimated $1.4bn, and the Xcel Rush Creek installation in the U.S. at $1 billion for 600MW.

Smaller renewable niches such as biomass and waste-to-energy also received increased investment of $6.3bn. Biofuels rallied 47% to $3bn, geothermal was up 10% to $1.8bn, and marine up 16% to $180 million.

Renewing the engineering jobs market

With over $300bn invested in clean energy last year, we also saw a growth in job opportunities within the industry. According to the International Renewable Energy Association (IRENA), there are currently over 10 million people employed worldwide the renewable energy industry. Here at Fircroft we’ve been advising several large renewable energy companies on their talent attraction strategies and how they can secure the very best engineering and technical professionals to work on their projects. If you’d like to know how Fircroft can help your renewable energy project, explore our services or contact us today for a free consultation.
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je suis hydrogéologue , je suis intéresse par se travail , je voudrais aide au travail
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Clean energy investments exceeded $300bn in 2019 - Time to read 3 min
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