Developing world investments in Renewable topped those of developed nations for the first time in 2015, according to the Global Trends in Renewable Energy Investment 2016 report.
Additionally, coal and gas-fired electricity generation last year drew less than half the record investment made in solar, wind and other renewables.
The report, the tenth edition of the United Nations Environment Programme's annual report, launched by the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance and Bloomberg New Energy Finance (BNEF), says the annual global investment in new renewables capacity, at $266 billion, was more than double the estimated $130 billion invested in coal and gas power stations in 2015.
Helped by further falls in generating costs per megawatt-hour, particularly in solar photovoltaics, renewables excluding large hydro made up 54 percent of added gigawatt (GW) 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 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 gigatons higher in 2015.
UNEP Executive Director Achim Steiner said, “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.
“By adopting the Sustainable Development Goals last year, the world pledged to end poverty, promote sustainable development, and to ensure healthier lives and access to affordable, sustainable, clean energy for all. Continued and increased investment in renewables will be a significant part of delivering on that promise.”
Michael Liebreich, Chairman of the Advisory Board at BNEF said: “Global investment in renewables capacity hit a new record in 2015, far outpacing that in fossil fuel generating capacity despite falling oil, gas and coal prices. It has broadened out to a wider and wider array of developing countries, helped by sharply reduced costs and by the benefits of local power production over reliance on imported commodities.”
As in previous years, the report shows the 2015 renewable energy market was dominated by solar photovoltaics and wind, which together added 118GW in generating capacity, far above the previous record of 94GW set in 2014. Wind added 62GW and photovoltaics 56GW. More modest amounts were provided by biomass and waste-to-power, geothermal, solar thermal and small hydro.
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