Renewable Energy: A phenomenal Investment #2016
The Big Question: Will renewables never be more than a supplemental energy source?
The year 2015 smashed all the previous records of investments in Global Renewable Energy sector with China, India, Brazil and other developing countries accounting for $156 billion in 2015.
According to a new United Nations-backed report: “Global Trends in Renewable Energy Investment 2016,” is the 10th edition of the UN Environment Program’s (UNEP) annual publication and has been launched by the Frankfurt School-UNEP Collaborating Center for Climate & Sustainable Energy Finance and Bloomberg New Energy Finance (BNEF).
Actual electricity generated by renewables was 10.3% of global generation in 2015 (up from 9.1% in 2014) which includes energy generated from (excluding large hydro): wind, solar, biofuel, biomass, small hydro, geothermal and marine energy, still makes up only 10% of the overall global energy mix, meaning we still have a long way to go to meet targets agreed to at the COP21 conference in Paris last year.
A record-breaking $286 billion was invested in renewables while an estimated $130 billion was allocated for non-renewable electricity generation.
2015 renewable energy market was dominated by solar photovoltaics and wind.
Additional energy generating capacity, 2015:
Renewables (excluding large hydro) 134 GW
Large Hydro: 22 GW
Nuclear: 15 GW
Coal-fired: 42 GW
Gas-fired: 40 GW
Annual global investments in renewable energy:
$286 billion (2015)
$273 billion (2014)
$234 billion (2013)
$257 billion (2012)
$279 billion (2011)
$239 billion (2010)
$179 billion (2009)
$182 billion (2008)
$154 billion (2007)
$112 billion (2006)
$73 billion (2005)
$47 billion (2004)
12 year total:
$2.3 trillion (unadjusted for inflation)
“Renewables are becoming ever more central to our low-carbon lifestyles, and the record-setting investments in 2015 are further proof of this trend,” states UNEP Executive Director Achim Steiner.
China’s investment alone rose 17 percent from the year prior, representing 36 percent of the global total. India was also among the top 10 investing countries in renewable energy, with its commitments rising 22 per cent to USD 10.2 billion.
Among developed countries, investment in Europe was down 21%, from $62 billion in 2014 to $48.8 billion in 2015, the continent’s lowest figure for nine years despite record investments in offshore wind projects. The U.S. was up 19% to $44.1 billion, and in Japan, investment was much the same as the previous year at $36.2 billion.
This trends need to go upwards in order to meet the Paris conference target.
For Deep Diving, please follow the links below: