What are the global trends in Renewable Energy Investment?
The Frankfurt school recently published "The Global Trends in Renewable Energy Investment 2018 report", in cooperation with the UN, and Bloomberg New Energy Finance . We highlight some of the key findings below;
- A record amount of 157 gigawatts of renewable power was commissioned in 2017, up from 143gw in 2016, and far surpassing the 70 gigawatts of fossil fuel capacity added last year. Solar power accounted for 98gw of the power capacity coming online in 2017, almost 38% of total capacity added.
- The share of energy generated by renewables (wind, solar, biomass and waste-to-energy, geothermal, marine and small hydro) rose from 11 to 12.1%. This means 1.8 gigatonnes of carbon emissions was avoided.
- Globally, $280bln was invested into the renewables sector in 2017, taking the total invested globally since 2010 up to $2.2 trillion.
- China was leading the way in global investment in renewables in 2017, spending $126.6bln. Most of this, $86bln, went into solar.
- The US and Europe invested much less than China. The US spent $40bln, 6% less than a year before. In Europe spending went down with 36%, to $40bln. The main culprits were the UK, were subsidies ended, and Germany, were costs fell, but also some uncertainty stalled investment.
- Several countries increased their investments substantially; Australia, up 147% to $9bln; Mexico, up 810% to $6bln, and; Sweden, up 127% to almost $4bln.
- Overall, emerging economies committed $177bln of investments to the renewables sector, compared to $103bln for the developed economies. EM's invested 20% more year on year, and DM's invested 19% less than a year earlier.