From UNEP and Bloomberg New Energy Finance’s new report, called Global Trends in Renewable Energy Investment 2016: global investment in renewable energy was more than twice that in coal and gas in 2015. Renewable energy investment totaled a record $286 billion last year, with more than half of it ($156 billion) in the highest GHG-emitting developing countries – China, India, and Brazil. China’s investment alone was 36% of the global total, having increased 17% over 2014. “All this happened in a year in which prices of fossil fuel commodities — oil, coal and gas — plummeted, causing distress to many companies involved in the hydrocarbon sector,” the report’s authors noted.
But the report also points out the empty part of today’s energy sector glass. “The outlook for power sector emissions remains alarming — despite the agreement at COP21 in Paris, and despite the growth of renewables detailed in this report.” While renewables make up more than half of all new electricity installments, they currently only generate a little over 10% of the world’s total electricity currently on line.
For more details on policy changes needed to play catch up, read here.