Global Ocean Wind Raises World New Energy

'Colossal' $35bn offshore wind spree keeps global renewables spend growing despite Covid; Massive project investments outweigh declines in onshore wind and solar to secure year-on-year growth in first half…

Andrew Lee, 13 July 2020 (RECharge)

“A ‘colossal’ six months for offshore wind finance kept global renewable energy investment on an upward track in the first half of 2020, despite the impact of the coronavirus pandemic…Finance for wind at sea hit $35bn in the first half of the year, up more than fourfold on the same period in 2019 and higher than last year’s 12-month total of $31.9bn, according to latest BNEF data…The massive spike offshore outweighed declines in investment for onshore wind (-21%), solar (-12%) and biomass projects to leave total renewable energy financing 5% ahead of the same stage in 2019 at $132.4bn…

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…[The roster of 28 final investment decisions to contribute to the huge first-half investment benefitted] from the 67% reduction in levelised costs achieved since 2012, and to the performance of the latest, giant turbines. But the first half of this year also owed a lot to a rush in China to finance and build, in order to take advantage of a feed-in tariff before it expires at the end of 2021…” click here for more

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