Coal and gas-fired electricity generation attracted less than half the record investment made in solar, wind and other renewables capacity last year, a report has found.
The UN-backed Global Trends in Renewable Energy Investment 2016, reported the annual global investment in new renewables capacity, at £188billion, was more than double the estimated £92billion invested in coal and gas power stations in 2015.
All investments in renewables, including early-stage technology and research and development as well as spending on new capacity, totalled £202.4billion in 2015, some 3% higher than the previous record in 2011.
Since 2004, the world has invested £1.6trillion in renewable energy, the report said.
Just as significantly, developing world investments in renewables topped those of developed nations for the first time in 2015.
Helped by further falls in generating costs per megawatt-hour, particularly in solar photovoltaics, renewables excluding large hydro made up 54% of added gigawatt capacity of all technologies last year.
It marks the first time new installed renewables have topped the capacity added from all conventional technologies.
The 134 gigawatts (GW) of renewable power added worldwide in 2015 compares to 106GW in 2014 and 87GW in 2013.
Were it not for renewables excluding large hydro, annual global CO2 emissions would have been an estimated 1.5 gigatonnes higher in 2015.
Achim Steiner, executive director of the UN Environment Programme (UNEP), said, “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.
“Access to clean, modern energy is of enormous value for all societies, but especially so in regions where reliable energy can offer profound improvements in quality of life, economic development and environmental sustainability.
“Continued and increased investment in renewables is not only good for people and planet, but will be a key element in achieving international targets on climate change and sustainable development.”
The research was part of the 10th annual edition of the UN Environment Programme’s (UNEP’s) publication launched by the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance.
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