Renewable Energy Investments: Major Milestones Reached, New World Record Set<\/p>\n
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According to UNEP’s 10th “Global Trends in Renewable Energy Investment 2016”, prepared by the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance and Bloomberg New Energy Finance, the United Nations Environment Programme (UNEP) and Bloomberg New Energy Finance all investments in renewables totalled $286 billion in 2015, some 3% higher than the previous record in 2011. Coal and gas-fired electricity generation drew less than half the record investment made in solar, wind and other renewables capacity.<\/p>\n
Just as significantly, developing world investments in renewables (up 19% in 2015) topped those of developed nations for the first time in 2015 (down 8%). Much of these record-breaking developing world investments took place in China (up 17% to $102.9 billion). Other developing countries showing increased investment included India, South Africa, Mexico and Chile.<\/p>\n
Overall, renewables excluding large hydro made up 53.6% of the gigawatt capacity of all technologies installed in 2015, the first time it has represented a majority. That shows that the structural change is under way. However, the huge weight of conventional generation capacity already built meant that new, clean technologies only accounted for just over 10% of world electricity last year.<\/p>\n