2015 record year for global renewables investment
Global investment in renewable energy hit a record US$285.9bn (£202.3bn) in 2015, beating the previous high of $278.5bn set in 2011, a study shows. The 10th Global Trends in Renewable Energy Investment also showed that investment in developing nations exceeded that in developed countries.
In another first, more new renewables capacity than fossil-fuel generation came online during 2015. But it warned that much more had to be done to avoid dangerous climate change. The assessment, produced by the Frankfurt School-Unep Collaborating Centre for Climate and Sustainable Energy Finance and Bloomberg New Energy Finance, showed that the developing world committed a total of US$156bn (up 19% on 2014 levels) in renewables (excluding large hydro) while developed nations invested US$130bn (down 8% from 2014 levels).
"A large element in this turnaround was China, which lifted its investment by 17% to US$102.9bn, or 36% of the world total," the report observed. However, other developing nations also contributed as six of the top 10 investors were developing nations.
In the foreword, UN secretary-general Ban Ki-moon said the report's findings increased confidence that a low-carbon world was obtainable. He wrote: "We have entered a new era of clean energy growth that can fuel a future of opportunity and greater prosperity for every person on the planet."
However, he warned that in order to avoid dangerous climate change required an "immediate shift away from fossil fuels".