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Financing the transition: How banks are turning away from fossil fuels

June 30, 2020

As renewable energy technologies have evolved over the years, they have become a compelling investment proposition. Global investments in new renewable power have grown from less than US$50 million a year in 2004, to around $US288 billion a year by 2018, according to a report by Bloomberg New Energy Finance and the UN Environment Programme.

Despite the fact that this was an 11% dip from the previous year, it was still triple the level of investment in coal- and gas-fired generation capacity combined, the study found. Solar PV and wind power accounted for 90% of total renewable power investments in 2018.

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