GE Renewable Energy ended 2020 with a record order backlog amid what its group CEO said was the momentum needed to take a leading role in the energy transition – and despite posting a $700m-plus loss for the second year in a row.

GE Renewable Energy – one of the global clean-energy equipment giants being tipped to benefit from new US President Joe Biden’s green agenda – recorded a $715m loss for 2020, improving on a $791m deficit in 2019.