The US dollar’s weakness offered a boost to emerging-market currencies and oil.
China's investments in clean energy sources go up, but dive in America
In 2017, investments in renewable energy projects reached a record level and accounted for almost $280 billion. The most attractive for investors were technologies for the production of solar energy. In its development, China is definitely leading, according to the report "Global Trends of Investments in Renewable Energy", which was prepared by the United Nations Environment Program with the active assistance of Bloomberg New Energy Finance. Its authors noted that for the eighth year in a row investments in this stuff surpassed $200 billion.
The unprecedented growth in solar energy investments around the world clearly demonstrates how the global energy system is changing and, what’s more, what are the economic benefits that promise such changes. That’s what UNEP head Eric Solheim told, whose words are cited by the UN news center. He added that investments in renewable energy sources create jobs that require higher qualifications. At that time, work in this area is paid better, not to mention the fact that the development of clean energy sources appears to be crucial contribution to protecting the environment.
Global investment in the development of solar energy grew by 18% compared to 2017 and amounted to approximately $160.8 billion.
The overall volume of investments in renewable energy production, excluding hydroelectric power plants, amounted to $ 279.8 billion. Solar energy accounts for 57% of this amount. It definitely exceeds the volume of investments in the capacities operating on gas and coal, which accounts for no more $ 103 billion.
China happened to be the leader in investment in renewable energy. This Asian country accounts for more than half of all fresh installations for the production of solar energy. Among other countries that actively use solar panels one should mention Australia, Mexico and Sweden. However, in America and the EU investments in this cutting-edge technology slumped respectively by 36% to $ 40.9 billion.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.