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Expand chart
Data: BloombergNEF; Chart: Danielle Alberti/Axios

New data shows that combined global investment in renewable energy companies and projects just had its best first half of any year.

Driving the news: The first six months of 2021 saw the investment of $174 billion amid record amounts of public market financing, venture capital and private equity, per the research firm BloombergNEF.

  • "A decline in investment in new renewables projects was offset by a jump in equity offerings of renewable energy companies," the analysts note.

The big picture: More aggressive deployment of mature clean sources and investment in emerging tech is needed to start forcing carbon emissions downward.

  • The BloombergNEF report puts fresh data behind an important trend: A lot of money is flowing into clean energy, but the activity lags behind what's needed to reach global climate goals.
  • "Renewable energy investment has withstood the effects of the global pandemic, in contrast to other sectors of the energy economy where we have seen unprecedented volatility," BloombergNEF head of analysis Albert Cheung said in a statement alongside the data.
  • But Cheung added: "However, a 1.8% year-on-year increase is nothing to write home about. An immediate acceleration in funding is needed if we are to get on track for global net zero.”

By the numbers: Companies raised over $28 billion in public markets and nearly $6 billion in VC and private equity commitments in the first half of this year.

  • Investment in solar power projects was almost $79 billion, up 9% compared to the same period last year, but wind project finance was around $27 billion lower.

Go deeper

How the Energy Department views rising gas prices

Gas prices in Arlington, Va., on Oct. 30, 2021. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

GLASGOW, Scotland The discussions over tapping the U.S. Strategic Petroleum Reserve in a bid to bring down gas prices continue at the highest levels of government, Deputy Secretary of Energy David Turk told Axios.

Why it matters: The Biden administration is trying to strike a delicate balance between emphasizing a push to pour hundreds of billions into clean energy technologies, including electric vehicle charging stations, while at the same time dealing with an energy supply crunch driving up prices.

Updated 9 hours ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring hazards ranging from zero visibility amid hurricane force wind gusts and heavy snow, to coastal flooding that will erode vulnerable beaches and threaten property from the Jersey shore to coastal Massachusetts.

Updated 9 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Contact tracing fizzles across America — New clues emerge on long COVID — Omicron is finally burning out — It's very difficult to get access to antiviral COVID treatments — Axios-Ipsos poll: Omicron's big numbersAnother wave of death — FDA limits use of Regeneron and Lilly antibody treatments.
  2. Vaccines: Pfizer begins clinical trial for Omicron-specific vaccine — The shifting definition of fully vaccinated.
  3. Politics: Virginia AG says public colleges can't mandate COVID vaccines —Alaska governor joins Texas lawsuit over National Guard vaccine mandate — Navy discharges 45 sailors for refusing vaccine — Spotify to remove Neil Young's music after his Joe Rogan ultimatum — White House: 60M households have ordered free COVID-19 rapid tests.
  4. World: U.K. to lift travel testing requirement for fully vaccinated — Beijing Olympic Committee lowers testing threshold ahead of Games.
  5. Variant tracker