The pursuit of clean energy is at the heart of the aspirations globally for a better future. In this context, many countries all around the globe have committed to increasing their investment in renewable energy, which spells decreasing investment in other forms of energy.
A new study highlighted that the solar power generated in 2017 was more than fossil fuel power. And, China accounted for over half of the world’s new solar capacity. The global solar investment reportedly moved to 18% to $160.8 billion.
Meanwhile, The Global Trends in Renewable Energy Investment 2018 report was released by, Frankfurt School (FS)-UNEP Collaborating Centre for Climate & Sustainability Energy Finance, the UN Environment, and Bloomberg New Energy Finance. The report highlighted the falling costs of solar electricity and wind power.
China reportedly created a milestone in 2017 by reaching 31% more than 2016 in renewables. The country also added 53GW in 2017 and was the world’s largest investing country in renewables. Erik Solheim, UN Environment head, reiterated that investments in renewables would bring more people into the economy, and would deliver more jobs, and better-paid jobs.
In the context of investments in 2017, Mexico led the way by increasing investment 810% to $6 billion, followed by Australia amping up 147% to $8.5 billion, and Sweden increasing by 127% to $3.7 billion. Meanwhile, the United States saw a decline in investments by 6%, and in Europe overall, a 36% drop was observed. Angus McCrone, chief editor of Bloomberg New Energy Finance and lead author of the report, reiterated that in countries where there was lower investment observed, it could be attributed to changes in policy support, and the timing of large project financings inclusive of offshore wind, and lower capital costs per megawatt.
It was also reported that the global investments in renewable energy of $2.7 trillion from 2007 to 2017 increased the proportion of world electricity generated by solar, wind, biomass, geothermal, marine, and more from 5.2% to 12.1%.