Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

2015 Was Record-Breaking Year for Investment in Renewable Energy

Business
2015 Was Record-Breaking Year for Investment in Renewable Energy

A record $367 billion was invested in renewable energy around the world last year, according to a new report published today by Clean Energy Canada.

That’s more than a third of a trillion dollars (USD) and a 7 percent increase on 2014.

Whereas the oil price crash had everyone expecting renewable energy projects to stumble last year, this latest analysis shows that the sector actually boomed.

New renewables investment significantly overtook new fossil fuel investments, with "only" $253bn going into new coal, oil and gas projects in 2015.

Global renewables investment since 2011—let’s not talk about 2013.

The top-five destinations for clean energy investment dollars were China ($110.5bn), the U.S. ($56bn), Japan ($46bn), the UK ($23.4bn) and India ($10.9bn).

Renewables spending has really kicked off in emerging economies.

Renewables investment was up 24 percent from 2014 in the UK and 23 percent in India, although it fell by an embarrassing 46 percent in Canada. Which somehow didn’t affect Canada’s global ranking—it’s still number eight.

And 2015 was the first time that more money was invested in clean energy in developing countries ($167bn) than developed countries ($162bn).

The report calls 2015 a “breakout year” for the Middle East—especially for solar—and names Africa as another region to watch in the next few years.

These pretty impressive numbers (Canada aside) probably have something to do with the plummeting costs associated with renewable energy. The report finds that the unsubsidised cost of wind energy is down 61 percent since 2009 and utility-scale solar PV is down 82 percent.

So, happy Monday clean energy fans.

YOU MIGHT ALSO LIKE

100% Renewable Energy Is Possible, Here’s How

Trade Rules Trump Climate Action: U.S. Blocks India’s Ambitious Solar Plans

Al Gore: 3 Questions We Have to Answer About Climate Change

Warren Buffett Wages Quiet War on Solar in the West

Coast Guard members work to clean an oil spill impacting Delaware beaches. U.S. Coast Guard District 5

Environmental officials and members of the U.S. Coast Guard are racing to clean up a mysterious oil spill that has spread to 11 miles of Delaware coastline.

Read More Show Less

EcoWatch Daily Newsletter

What happened to all that plastic you've put in the recycling bin over the years? Halfpoint / Getty Images

By Dr. Kate Raynes-Goldie

Of all the plastic we've ever produced, only 9% has been recycled. So what happened to all that plastic you've put in the recycling bin over the years?

Read More Show Less

Trending

Plain Naturals offers a wide variety of CBD products including oils, creams and gummies.

Plain Naturals is making waves in the CBD space with a new product line for retail customers looking for high potency CBD products at industry-low prices.

Read More Show Less
Donald Trump and Joe Biden arrive onstage for the final presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22, 2020. JIM WATSON / AFP via Getty Images

Towards the end of the final presidential debate of the 2020 election season, the moderator asked both candidates how they would address both the climate crisis and job growth, leading to a nearly 12-minute discussion where Donald Trump did not acknowledge that the climate is changing and Joe Biden called the climate crisis an existential threat.

Read More Show Less
What will happen to all these batteries once they wear out? Ronny Hartmann / AFP / Getty Images

By Zheng Chen and Darren H. S. Tan

As concern mounts over the impacts of climate change, many experts are calling for greater use of electricity as a substitute for fossil fuels. Powered by advancements in battery technology, the number of plug-in hybrid and electric vehicles on U.S. roads is increasing. And utilities are generating a growing share of their power from renewable fuels, supported by large-scale battery storage systems.

Read More Show Less

Support Ecowatch