According to new data by Bloomberg, approximately $304 billion invested into renewable energy globally and $139 billion invested in electric transportation in 2020.

Statista says that a growing number of experts and predictive models forecasts that the next decade would be dominated by renewable energy and electric vehicles. Due to the urgency to combat climate change, renewable energy companies like Tesla and Jinko Solar have experienced a surge in investments

In 2020, the European Union added €10 million ($11.9 million) in funding for the Climate Investor One (CI1) financing facility that provides funding for emerging markets, like Nigeria.

The EU grant has the potential to unlock €100 million ($119.7 million) in investments in renewable energy in Nigeria. The funding is expected to enable the construction of over 150MW of renewable energy projects.

In addition to commitments already secured from other CI1 donors, some of this funding may go directly towards financing the second phase of a 30MW solar project and distribution concession in Kaduna, Nigeria.

New forecasting data shows how investments in electric vehicles are set to surpass general renewable energy investments over the next five years.

This chart shows the global investments in renewable energybetween 2020 – 2025