For the fifth year in a row, global investment in renewable energy exceeded the $300 billion mark, at $332.1 billion in 2018. The figures were compiled by Bloomberg NEF and show how far the journey towards a cleaner and more sustainable future has come.
Overall, investment in clean energy had dropped by 8pc compared to the previous year, but this was because of issues in the solar energy sector. Solar investment dropped to $130 billion last year, which was a 24pc drop. This was down to a reduction in the cost of solar panel installation, which in turn led to an excess of supply in the market.
The attitude of the Chinese government also changed. With subsidy levels reducing, China announced that it was planning to restrict approvals for new solar developments from last summer. As a result, the country saw a 53pc drop in its solar energy investment.
Onshore wind investment increased by 2pc to $100 billion. Offshore wind investment grew to $25 billion, which was a 14pc rise. This showed how the balance in wind power was changing. Germany and the UK were two countries that pioneered the wind power industry originally, but now countries such as China, Taiwan and the US are becoming development focal points.
When it came to state-level investment, the results were mixed. Government R&D increased by 4pc to $15 billion. Investment in companies specialising in clean energy grew by 20pc to $10.5 billion. However, of the main green energy investors, only the US increased its public financing.
Overall, China's trajectory of investment and development continues to have the biggest impact on the world's green energy progress as a whole, signalling the tremendous buying and manufacturing power that the vast country possesses.