Photovoltaic power station operated by State Power Investment Corporation on June 3 in Shanxi Province, China. Photo:Shi Gangze/VCG via Getty Images

Renewables are attracting substantial investment and developers are getting more bang for the buck, but none of it is enough to be consistent with the goals of the Paris climate agreement, per a data-rich new report from the Frankfurt School, the UN and BloombergNEF.

The big picture: Last year saw 184 gigawatts of new capacity added worldwide (excluding large hydro projects) — the most ever — with solar leading the way. The 12% growth came even though total investment was flat, a sign of continued cost declines for wind and solar technologies.

Threat level: The pandemic is creating near-term headwinds for growth.

Yes, but: Even putting the pandemic problems aside, the analysis says the long-term investment picture is not robust enough. From the report...

"Governments and companies around the world have committed to adding some 826 gigawatts of new non-hydro renewable power capacity in the decade to 2030, at a likely cost of around $1 trillion."
"Those commitments fall far short of what would be needed to limit world temperature increases to less than 2 degrees Celsius. They also look modest compared to the $2.7 trillion invested during the 2010-2019 decade."

What's next: Per the authors, what should be next is for governments to stitch low-carbon energy initiatives into their pandemic response plans.

  • "If governments take advantage of the ever-falling price tag of renewables to put clean energy at the heart of COVID-19 economic recovery, instead of subsidizing the recovery of fossil-fuel industries, they can take a big step towards clean energy and a healthy natural world," it states.

Go deeper: Renewable energy group declares cost "turning point"

Go deeper

Coronavirus pandemic zaps America's natural-gas export boom

Reproduced from EIA with IHS Markit data; Chart: Axios Visuals

After the U.S. exported a record amount of liquefied natural gas in late March, the coronavirus pandemic — paired with warm weather — cut that amount by more than half in June, according to IHS Markit data.

Why it matters: Politically, it's a blow to President Trump’s energy agenda. Economically, it's contributing to job losses and project delays in the oil-and-gas industry, which is now a significant part of the economy.

Trump's failing culture wars

Data: Google; Chart: Naema Ahmed/Axios

President Trump built his political brand by stoking the nation's culture wars, but search data is showing us how much harder it's been for him to replicate that success while running against another white man in his 70s — and while there's a coronavirus pandemic.

The big picture: Google Trends data shows Trump's "Sleepy Joe" name-calling isn't generating nearly the buzz "Crooked Hillary" (or "Little Marco") did in 2016. Base voters who relished doubting President Obama's birth certificate aren't questioning Biden's.

16 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.