WASHINGTON, March 31, 2016 - Global investment in new renewables capacity was $266 billion in 2015, more than double the estimated $130 billion invested in coal and gas power stations, according to the 10th edition of the UN Environment Programme's (UNEP) Global Trends in Renewable Energy Investment 2016. Investments in renewables including early-stage technology, research and development, and new capacity totaled a record $286 billion, 3 percent higher than the previous record in 2011. Since 2004, the world has invested $2.3 trillion in renewable energy, according to the report.
Highlights of the report include:
- Coal and gas-fired generation attracted less than half as much capacity investment as renewables last year.
- Renewables added more to global energy generation capacity than all other technologies combined.
- For the first time, developing world investments in renewables (up 19 percent in 2015) surpassed developed nations’ investments (down 8 percent).
Solar photovoltaics and wind dominated the 2015 renewable
energy market, which together added 118 gigawatts (GW) in generating capacity,
far above the previous record of 94 GW set in 2014. Wind added 62 GW and
photovoltaics 56 GW.
“Renewables are becoming ever more central to our low-carbon
lifestyles, and the record-setting investments in 2015 are further proof of
this trend. Importantly, for the first time in 2015, renewables in investments
were higher in developing countries than developed,” says UNEP Executive
Director Achim Steiner.
The shift in investment towards developing countries and
away from developed economies may be attributed to several factors, UNEP says,
including: China's sprint for wind and solar, accelerated electricity demand in
emerging countries, reduced cost of renewables to meet that demand, sluggish
economic growth in the developed world and cutbacks in subsidy support in
Europe.
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