Global Trends in Renewable Energy Investment Report of 2016
In March, UNEP’s Division of Technology, Industry and Economics, in cooperation with the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance as well as Bloomberg New Energy Finance, released the Global Trends in Renewable Energy Investment Report 2016. This report reviews the various investments in biomass, waste-to-energy, geothermal, and wind energy production as well as hydropower projects, wave and tidal energy, biofuel, and all solar energy production.
The most notable findings of the report are that investments in renewable energy came in at $286 billion in 2015, which is a 3 per cent increase from 2011, the record year of investment until now. These numbers add to the $2.3 trillion in renewable energy that has been invested since 2004.
This also means that investment in renewable energy in 2015 has attracted more than double the amount that other sources of energy production — such as coal and gas — have (an estimated $130 billion). In other numbers, in 2015 134 gigawatts of renewable energy have been added globally in comparison to 106 and 87 gigawatts in 2014 and 2013. The reduction of CO2 as a result of the increase in renewable energy is estimated to be 1.5 gigatonnes.
Notably, investments in renewable energy in developing countries have surpassed investments in developed countries for the first time. The driving forces in this regard have been China, India, and Brazil.
Overall, the report shows an increasing awareness of the importance of renewable energy to address climate change and the sustainable development agenda, which will hopefully continue and grow in the upcoming years and decades. To read the full report, click here.