DRIV - EV Investment growth to exceed renewable energy investments: Bloomberg
Background:China and the U.S. are leaders in the consumption of renewable energies with both countries have experienced a steady increase in their renewables consumption.The upcoming decade is seen being dominated by renewable energy and electric vehicles driven by the need to combat climate change along with leveraging on relatively cheap prices of renewable energy components in recent years.EV Investments:In the upcoming five years, investments in electric vehicles are set to surpass general renewable energy investments.Bloomberg data indicates that in 2020 ~$304B was invested globally into renewable energy and $139B invested in electric transportation.However, the forecasted trend indicates electric transportation investments overcoming renewable energy by 2025, with ~$306B invested into renewable energy and $357B invested into electric transportation.BloombergNEF indicates five-year compound average growth rate in clean energy investment is 0.15%, while the rate for electrified transport is 20.74%:EV Sales:Despite global passenger sales reporting a 20% drop in 2020, EV sales surged 38%,
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EV Investment growth to exceed renewable energy investments: Bloomberg