Solar energy dominated global investment in new power generation like never before in 2017.
Solar energy dominated global investment in new power generation like never before in 2017.
The world installed a record 98 gigawatts of new solar capacity, far more than the net additions of any other technology – renewable, fossil fuel or nuclear.
Solar power also attracted far more investment, at $160.8 billion, up 18 per cent, than any other technology. It made up 57 per cent of last year’s total for all renewables (excluding large hydro) of $279.8 billion, and it towered above new investment in coal and gas generation capacity, at an estimated $103 billion.
A driving power behind last year’s surge in solar was China, where an unprecedented boom saw some 53 gigawatts added – more than half the global total – and $86.5 billion invested, up 58 per cent.
The Global Trends in Renewable Energy Investment 2018 report, released today by UN Environment, Frankfurt School - UNEP Collaborating Centre, and Bloomberg New Energy Finance, finds that falling costs for solar electricity, and to some extent wind power, is continuing to drive deployment. Last year was the eighth in a row in which global investment in renewables[1] exceeded $200 billion – and since 2004, the world has invested $2.9 trillion in these green energy sources.
Read more at UN Environment
Image: Global investments in renewable energy of $2.7 trillion from 2007 to 2017 (11 years inclusive) have increased the proportion of world electricity generated by wind, solar, biomass and waste-to-energy, geothermal, marine and small hydro from 5.2 per cent to 12.1 per cent. (Credit: UN Environment/Frankfurt School/BNEF)
