Renewable Spending Sol-Up Solar, Nevada
Global renewable energy investment had its strongest first half on record, per just-released analysis from the research firm BloombergNEF, Ben writes.

The big picture: Total investment hit $226 billion in the first six months, up 11% from the same stretch last year but a decline from the second half.

  • China was again the largest overall market, accounting for $98 billion of the $226 billion total.
  • Investments in “large-scale” projects were 12% higher than in the same period in 2021.
  • Combined large- and small-scale solar finance hit a record-breaking $120 billion, while offshore wind finance also surged.
  • VC and private equity funding hit record levels, but that’s a small slice of the total pie. But public markets finance by larger players declined.

Yes, but: On a worldwide basis, renewables are not yet replacing fossil fuels on a mass scale as overall global energy demand rises.

Global coal demand is slated to match its prior 2013 peak in 2022 and is projected to rise again next year, the International Energy Agency said in a report last week.