It’s Thursday, August 25, and the world has set new records for renewable energy investment.

It’s been a good year for clean energy. According to a new report from the research firm BloombergNEF, global investment in renewables reached record levels over the first half of 2022, hitting an all-time high of $226 billion — 11 percent higher than during the first six months of last year.

“This was the highest ever first half for investment in renewables,” the analysis says.

Solar did particularly well, with investments in large- and small-scale solar projects rising to a record-breaking $120 billion — up 33 percent from the first half of 2021. Financing for wind projects rose to $84 billion, a 16 percent jump. The Chinese market led these renewable investments, contributing $41 billion for solar and $57.8 billion for wind. The U.S. market came in second place, investing $7.5 billion for solar and $19.7 billion for wind.

Grist thanks its sponsors. Become one.

BloombergNEF also notes that the first half of 2022 set an all-time record for venture capital and private equity investment in renewable energy and battery storage. The U.S. led this area by a wide margin: Out of a total of $9.6 billion raised globally between January and June, U.S. venture capital and private equity contributed $4.8 billion.

These record-setting investments are particularly impressive given ongoing supply chain challenges from the COVID-19 pandemic, as well as rising costs of clean energy materials such as lithium and polysilicon. In the U.S., for example, the cost of putting up residential solar panels was up 18 percent over the first three months of the year, compared to the same period in 2021.

“Despite the headwinds presented by ongoing cost inflation and supply challenges, demand for clean energy sources has never been higher,” BloombergNEF’s head of analysis, Albert Cheung, said in a statement, “and we expect that the global energy crisis will continue to act as an accelerant for the clean energy transition.”

In the news

White House: Climate law could slash related damages by up to $1.9 trillion
Andrew Freedman, Axios
Read more

Grist thanks its sponsors. Become one.

Wildfire smoke is choking Indigenous communities
Diana Kruzman, Grist
Read more

Children enduring drought in Africa are ‘one disease away from catastrophe’: UNICEF
Sharon Udasin, The Hill
Read more

Tiny island nation lays out big plans for climate change
Sara Schonhardt, E&E News
Read more

Report of an ancient methane release raises questions for our climate future
Chris Mooney, The Washington Post
Read more

A new low-tech technique can take the ‘forever’ out of forever chemicals
John McCracken, Grist
Read more

Reader support helps sustain our work. Donate today to keep our climate news free. All donations DOUBLED!