Investors have injected more money into renewable energy than ever before in the first half of this year (H1), but the pace at which these investments are growing is insufficient to limit the rise in CO2 emissions, Bloomberg reports.

Up to $174 billion was invested in the first half of this year in photovoltaics, offshore wind and other green technologies and companies in the field, according to data collected by BloombergNEF. This is an increase of 1.8% compared to the first half of last year.

This small growth rate demonstrates the resilience of the energy industry in the fight against climate change, despite rising costs due to rising commodity prices this year. However, investments of $174 billion are much smaller than what is needed by states and companies to meet their targets for limiting pollutant emissions in the coming decades.

“Investments in renewable energy have withstood the effects of the global pandemic, unlike other energy sectors where we have seen unprecedented volatility. However, a 1.8% increase in annual rate is not even worth mentioning. There is an immediate need of acceleration of funding if we want to return to a zero-emission trajectory,” said Albert Cheung, director of the BNEF analysis team, according to Agerpres.

Growth in renewable energy investment was boosted by a record first half of public money raised in public markets, which reached $28.2 billion, more than five times more than in the same period last year. Investments in venture capital and private equity funds have also increased.

Investments in photovoltaic projects rose 9% to a record $78.9 billion in the first half. China’s photovoltaic projects raised $4.9 billion in investments in the second quarter of this year, compared to $2.8 billion in the first quarter.

In contrast, global investment in wind projects fell to $58 billion in the first half, a decline of more than 30% from the same period last year when developers rushed to take advantage of expiring support schemes in China and the United States.