A record $367 billion was invested in renewable energy around the world last year, according to a new report published February 29 by Clean Energy Canada.
That’s over a third of a trillion dollars (USD), and a 7% increase on 2014.
Whereas the oil price crash had everyone expecting renewable energy projects to stumble last year, this latest analysis shows that the sector actually boomed.
Global renewables investment since 2011 – let’s not talk about 2013.
New renewables investment significantly overtook new fossil fuel investments, with ‘only’ $253bn going into new coal, oil and gas projects in 2015.
The top-five destinations for clean energy investment dollars were China ($110.5bn), the United States ($56bn), Japan ($46bn), the UK ($23.4bn) and India ($10.9bn).
Renewables investment was up 24% from 2014 in the UK and 23% in India, although it fell by an embarrassing 46% in Canada. Which somehow didn’t affect Canada’s global ranking – it’s still number 8.
Renewables spending has really kicked off in emerging economies.And 2015 was the first time that more money was invested in clean energy in developing countries ($167bn) than developed countries ($162bn).
The report calls 2015 a “breakout year” for the Middle East – especially for solar – and names Africa as another region to watch in the next few years.
These pretty impressive numbers (Canada aside) probably have something to do with the plummeting costs associated with renewable energy. The report finds that the unsubsidised cost of wind energy is down 61% since 2009, and utility-scale solar PV is down 82%.
So. Happy Monday clean energy fans.
Countdown is on: We have 9 days to raise $50,000
Truthout has launched a necessary fundraising campaign to support our work. Can you support us right now?
Each day, our team is reporting deeply on complex political issues: revealing wrongdoing in our so-called justice system, tracking global attacks on human rights, unmasking the money behind right-wing movements, and more. Your tax-deductible donation at this time is critical, allowing us to do this core journalistic work.
As we face increasing political scrutiny and censorship for our reporting, Truthout relies heavily on individual donations at this time. Please give today if you can.