Global investment in energy transition reached over $500 billion for the first time last year, outstripping 2019 as the wind and solar sectors forged ahead despite the economic turmoil caused by the Covid-19 pandemic, according to new figures from BloombergNEF.

The research from the analyst group shows that $501.3 billion was spent on decarbonisation last year, with a total of $303.5 billion stumped up to add new renewable energy capacity, up 2% on the year, boosted by the biggest-ever build-out of solar projects and a $50 billion surge for offshore wind.