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Renewable energy segment’s growth surged last year amid the pandemic

According to PitchBook, a private equity firm, global investors have invested capital worth $ 675 million into geothermal investments last year

The green energy segment remined resilient and recorded growth amid the outbreak of Covid-19 pandemic last year when the traditional energy segment recorded historical downturn.

According to Bloomberg New Energy Finance (BNEF), the global energy transition investments last year recorded y-o-y 9 percent growth to $ 501.3 billion. The reports said that the investment in both private and public renewable energy capacity surged 2 percent to $303. 5 billion due to a surge in solar projects and offshore wind.

Global energy majors are betting on geothermal energy and it has the potential to fulfill the global energy requirements as its abundantly available in deep wells across the world. The geo thermal energy can be found in virtually any location on earth since it has its origins from when the planet formed and accreted.

According to PitchBook, a private equity firm, global investors have invested capital worth $ 675 million into geothermal investments last year amid the pandemic. There was a surge in investments in technologies such as carbon capture and storage (CCS).

Experts believe that geothermal’s trajectory may follow that of the US shale industry, which boomed in the space of less than two decades. The geothermal energy can also give good returns like the solar and the wind energy and could unlock billions in fresh financing.

The global cleantech energy sector has been at the forefront as many economies are focusing to establish as sustainable future by ramping up cleantech investments

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