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    Array Technologies increased revenue 35% to US$872.7 million in 2020

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    Worldwide Renewable Investment Hits Historic $500bn In 2022

    Clean Energy Surge Compensates Global CO2 Emission In 2022

    Annual US Renewables Investment Expected To Grow Rapidly

    500GW Clean Energy Indian Aim Finds Would Be Partner In UAE

    Energy Security Takes Front Seat In 2023-Energy Trilemma

    EWEC Meets More Than 80% of Power Demand Through Renewables

    With Wind Power Push, China Widens Lead In Renewable Energy

    Offshore Wind Tender of 1.8 GW Has Been Issued In Germany

    Japan To Witness A Clean Power Mix of 90% By 2035 – US Study

    Lithuania All Set To Tender 700 MW Offshore Wind Power

  • Market Moves
    Refiners Should Not Be Making Above Normal Profits- Biden

    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

  • Press Statements
    India achieved a solar share of 10.69 percent of installed power capacity

    Altea Green Power inks deal with Aer Soleir to build 300MW projects in Italy

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    TotalEnergies starts up its fourth solar power plant in Japan

    ACCIONA Wind Energy

    ACCIONA Energia to supply 100% renewable energy to Grupo Violas in Portugal

    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Nine New Countries Sign Up for Global Offshore Wind Alliance at COP27 in Sharm El-Sheikh

    SolarDuck to build 5MW floating solar demonstrator integrated with offshore wind farm

    United Kingdom Onshore Wind Generation Has Now Reached 37GW

    ABO Wind connects first wind farm in Poland

    US Authorities Seek To Reduce Regulations On Offshore Wind

    Europe’s latest wind offshore auction mainly using non-price criteria is a success

    Italy's Innovatec targets EUR 100m in revenue from new solar business

    Italy’s Innovatec targets EUR 100m in revenue from new solar business

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Worldwide Renewable Investment Hits Historic $500bn In 2022

in News, Renewable Power

The overall renewable energy investment globally posted a historic high of $500 billion in 2022; however, it was still 40% below the average of $1.3 trillion that is required annually between 2021 and 2030 so as to achieve the target of limiting the temperature increase to 1.5 degrees Celcius.

The climate policy initiative and International Renewable Energy Agency noted in a report that the investments don’t seem to be on track in order to reach the 2030 agenda for a development that is sustainable, noting that the off-grid renewable energy investment was only at $500 million, which is again way behind the $2.30 billion annual average so as to ramp up access to energy.

According to the report, investments seem to be focused on specific technologies like solar photovoltaic, which accounted for a whopping 43% of the overall renewable investments in 2020, which were then followed by onshore as well as offshore wind investments, standing at 35% and 12% respectively.

It is well to be noted that only 15% of the investments that were made in 2020 went to almost 70% of the world’s population, which happens to be mostly from developing as well as emerging markets. As far as investment in energy transition tech such as energy efficiency is concerned, the numbers reached a record high of $1.3 trillion, which happens to be 19% more than what was witnessed in 2021 and in fact 50% more than the pre-pandemic numbers.

The report further added that in order to let the energy transition have a positive effect, authorities as well as development partners needed to play a major role so as to ensure a more balanced flow of finance, acknowledging varied endowments as well as the starting conditions of nations.

There is a need for more public funds to flow in across regions, as well as into countries that have immense untapped potential, but are finding it difficult to attract investment. These funds have to go into aiding energy transition infra development, enabling policy frameworks, and at the same time addressing the consistent socio-economic gaps.

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