Global institutional investors are considering a two-fold increase in the allocation of funds towards the renewable energy sector from the current 4.2% to 8.3% in the next five years. The investment in the sector is expected to further increase to 10.8% by the end of the decade as Covid-19 pandemic expedited shift from fossil fuels. The planned investment in renewables is expected to reach $742.5bn during the next decade with 80% of institutions contemplating investment into renewables.
The Australian state of Victoria is providing $797m to support its citizens in paying electricity bills and making households energy efficient, as customers paid exorbitant amounts for power during the Covid-19 pandemic. The state government will also grant $191m for expansion of its solar homes programme, which aims to provide 42,000 additional solar rebates to 140,000 homes for installation of rooftop solar panels.
The large-scale solar installations in India in the third quarter plunged by 85% to 283MW, compared with 1,932MW of installations during the same period in 2019. From January to September, the solar installations stood at 1.73GW, falling 68% from 5.48GW of additions in the corresponding period last year.