Global renewable energy investment reached $386 billion in H1 2025, up 10% YoY, says BloombergNEF
It was driven by offshore wind and small-scale solar, as asset finance for utility-scale solar and onshore wind dropped 13%
Offshore wind investment surged to $39 billion; China was the largest market, attracting 44% of the global new investments
Renewable energy investment climbed to a record $386 billion globally in the first half of 2025, according to Bloomberg New Energy Finance (BloombergNEF) data, representing a 10% year-on-year (YoY) increase. Offshore wind and small-scale solar fueled growth, as large-scale solar saw 19% less investment.
Offshore wind, on the other hand, attracted $39 billion, exceeding 2024’s total of $31 billion.
Small-scale solar projects, by virtue of their faster deployments, also led the growth, including in Mainland China, where investment in utility-scale solar installations fell by 28%, but nearly doubled in small-scale ahead of the June 1, 2025, deadline.
Yet, in its new report titled 2H 2025 Renewable Energy Investment Tracker, BloombergNEF says that the asset finance for utility-scale solar and onshore wind declined by 13% during the reporting period, reaching the lowest share of total investment since 2006. Since they are driven by large projects and government auctions, any changes in the policy environment are bound to impact investments.
The US recorded the biggest decline in new investments, down 36% or $20.5 billion YoY. Analysts attribute this to developers accelerating projects before the 2024 federal elections to secure tax credits, followed by slower activity in early 2025 due to weaker policy support and rising tariff uncertainty.
“Markets with supportive revenue mechanisms have maintained momentum on renewable energy investment,” explained the Head of Clean Power at BloombergNEF, Meredith Annex. “Whereas projects in markets where revenue certainty is shifting, particularly when it’s down to large swings in policy as in the US or mainland China, are seeing a boom-bust cycle ahead of those changes.”
Nevertheless, China was still the largest market, representing a 44% share of global new investments during the reporting period. Investments into the European Union bloc of 27 nations increased by nearly $60 billion, or 63%. Investments in Southeast Asia went up by 7%.
Emerging renewable markets that grew strongly in 2024 largely maintained investment levels without increasing their global share. Latin America was an exception where smaller markets saw record regional shares.
BloombergNEF voices the concerns that many already have for the US market, as it believes that its data suggests companies are shifting capital from the US to Europe, especially in offshore wind.
“Renewable energy investors and developers are rethinking capital allocation and putting their money where project returns are strongest” added Annex. “The decline in utility-scale solar and onshore wind financing during the first half of 2025 is taking a toll on project pipelines and likely will continue to do so.”