Solar money in China drives world renewable investment to record

Bloomberg News | August 20, 2023 | 

Solar panels in Dali City, located in China’s southwestern Yunnan province. (Image by the Asian Development Bank, Flickr.)

The world is spending more money than ever in renewable energy, most of it on solar power in China, according to a report from BloombergNEF.


China accounted for about half of a record $358 billion global investment in renewable energy in the first half of this year, thanks to cheaper modules, a robust rooftop PV market and the commissioning of energy megabase projects, according to the report. The US was a distant second.

Still, US investments in solar soared 75% from the first half of 2022 to $25.5 billion as supply chain constraints eased and clarity grew around the landmark Inflation Reduction Act, according to analysts, including Meredith Annex. The growth in solar outshone struggling wind investments, particularly for onshore projects.

The US was the top market for venture capital and private equity investments in renewables with a record $3.3 billion.

(By Chunzi Xu)