Quantcast

2015 Was Record-Breaking Year for Investment in Renewable Energy

Business

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

EcoWatch Daily Newsletter

Tim P. Whitby / 21st Century Fox / Getty Images

The beauty products we put on our skin can have important consequences for our health. Just this March, the U.S. Food and Drug Administration (FDA) warned that some Claire's cosmetics had tested positive for asbestos. But the FDA could only issue a warning, not a recall, because current law does not empower the agency to do so.

Michelle Pfeiffer wants to change that.

The actress and Environmental Working Group (EWG) board member was spotted on Capitol Hill Thursday lobbying lawmakers on behalf of a bill that would increase oversight of the cosmetics industry, The Washington Post reported.

Read More Show Less
A protest march against the Line 3 pipeline in St. Paul, Minnesota on May 18, 2018. Fibonacci Blue / CC BY 2.0

By Collin Rees

We know that people power can stop dangerous fossil fuel projects like the proposed Line 3 tar sands oil pipeline in Minnesota, because we've proved it over and over again — and recently we've had two more big wins.

Read More Show Less
Sponsored
Scientists released a study showing that a million species are at risk for extinction, but it was largely ignored by the corporate news media. Danny Perez Photography / Flickr / CC

By Julia Conley

Scientists at the United Nations' intergovernmental body focusing on biodiversity sounded alarms earlier this month with its report on the looming potential extinction of one million species — but few heard their calls, according to a German newspaper report.

Read More Show Less
DoneGood

By Cullen Schwarz

Ethical shopping is a somewhat new phenomenon. We're far more familiar with the "tried and tested" methods of doing good, like donating our money or time.

Read More Show Less
Pixabay

Summer is fast approaching, which means it's time to stock up on sunscreen to ward off the harmful effects of sun exposure. Not all sunscreens are created equally, however.

Read More Show Less
Sponsored
Mark Wallheiser / Getty Images

The climate crisis is a major concern for American voters with nearly 40 percent reporting the issue will help determine how they cast their ballots in the upcoming 2020 presidential election, according to a report compiled by the Yale Program on Climate Change Communication.

Of more than 1,000 registered voters surveyed on global warming, climate and energy policies, as well as personal and collective action, 38 percent said that a candidate's position on climate change is "very important" when it comes to determining who will win their vote. Overall, democratic candidates are under more pressure to provide green solutions as part of their campaign promises with 64 percent of Democrat voters saying they prioritize the issue compared with just 34 percent of Independents and 12 percent of Republicans.

Read More Show Less
Flooding in Winfield, Missouri this month. Jonathan Rehg / Getty Images

President Donald Trump has agreed to sign a $19.1 billion disaster relief bill that will help Americans still recovering from the flooding, hurricanes and wildfires that have devastated parts of the country in the past two years. Senate Republicans said they struck a deal with the president to approve the measure, despite the fact that it did not include the funding he wanted for the U.S.-Mexican border, CNN reported.

"The U.S. Senate has just approved a 19 Billion Dollar Disaster Relief Bill, with my total approval. Great!" the president tweeted Thursday.

Read More Show Less
Reed Hoffmann / Getty Images

Violent tornadoes tore through Missouri Wednesday night, killing three and causing "extensive damage" to the state's capital of Jefferson City, The New York Times reported.

"There was a lot of devastation throughout the state," Governor Mike Parson said at a Thursday morning press conference, as NPR reported. "We were very fortunate last night that we didn't have more injuries than what we had, and we didn't have more fatalities across the state. But three is too many."

Read More Show Less