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New investments in renewable energy, led by solar and wind, surged to a record $55.5 billion in 2019.

The new investments were buoyed by companies rushing to qualify for federal tax credits being scaled back later this year.

A total of $55.5 billion was spent in the sector, an increase of 28%, second only to China and beating Europe. Global money flowing into the industry totaled $282.2 billion, up 1% from 2018.

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