Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Worldwide Clean Energy Investments Hit $333.5 Billion Last Year

Business
TAFE SA TONSLEY / Flickr

Global investment in renewable energy hit $333.5 billion in 2018, the second-highest on record, according to a new analysis from Bloomberg New Energy Finance (BNEF).

That's a 3 percent jump from 2016 and 7 percent short of the $360 billion record set in 2015.


In all, 2017 represented a record 160 commissioned gigawatts of clean energy generating capacity (excluding large hydro) around the world, BNEF estimated. Solar provided 98 gigawatts of that, wind was at 56 gigawatts, biomass and waste-to-energy was 3 gigawatts, small hydro was 2.7 gigawatts, geothermal was 700 megawatts and marine power (energy carried by ocean waves, tides, salinity) was less than 10 megawatts.

"The 2017 total is all the more remarkable when you consider that capital costs for the leading technology—solar—continue to fall sharply," Jon Moore, chief executive of BNEF, commented. "Typical utility-scale PV systems were about 25 percent cheaper per megawatt last year than they were two years earlier."

Solar power dominated half of 2017's total clean energy investments at $160.8 billion, mostly thanks to China's "insatiable appetite" for solar projects, a Bloomberg report noted. China invested $133 billion across all clean energy technologies, with $86.5 billion poured just into solar. The country installed a "runaway" 53 gigawatts of solar capacity last year, BNEF estimated.

Justin Wu, head of Asia-Pacific at BNEF, explained that China's solar boom happened for two main reasons.

"First, despite a growing subsidy burden and worsening power curtailment, China's regulators, under pressure from the industry, were slow to curb build of utility-scale projects outside allocated government quotas. Developers of these projects are assuming they will be allocated subsidy in future years," Wu Said.

"Second, the cost of solar continues to fall in China, and more projects are being deployed on rooftops, in industrial parks or at other distributed locales. These systems are not limited by the government quota. Large energy consumers in China are now installing solar panels to meet their own demand, with a minimal premium subsidy."

But China is not the only country ramping up clean energy investments. The U.S. invested $57 billion—the world's second-biggest backer of renewables despite President Trump's efforts to boost fossil fuels and slash coal regulations.

Large wind and solar project financings pushed Australia up 150 percent to a record $9 billion, and Mexico up 516 percent to $6.2 billion.

Below are the 2017 totals for other countries investing $1 billion-plus in clean energy:

  • India $11 billion, down 20 percent compared to 2016
  • Brazil $6.2 billion, up 10 percent
  • France $5 billion, up 15 percent
  • Sweden $4 billion, up 109 percent
  • Netherlands $3.5 billion, up 30 percent
  • Canada $3.3 billion, up 45 percent
  • South Korea $2.9 billion, up 14 percent
  • Egypt $2.6 billion, up 495 percent
  • Italy $2.5 billion, up 15 percent
  • Turkey $2.3 billion, down 8 percent
  • United Arab Emirates $2.2 billion, up 23-fold
  • Norway $2 billion, down 12 percent
  • Argentina $1.8 billion, up 777 percent
  • Switzerland $1.7 billion, down 10 percent
  • Chile $1.5 billion, up 55 percent
  • Austria $1.2 billion, up 4 percent
  • Spain $1.1 billion, up 36 percent
  • Taiwan $1 billion, down 6 percent
  • Indonesia $1 billion, up 71 percent

EcoWatch Daily Newsletter

Much of Eastern Oklahoma, including most of Tulsa, remains an Indian reservation, the Supreme Court ruled on Thursday. JustTulsa / CC BY 2.0

Much of Eastern Oklahoma, including most of Tulsa, remains an Indian reservation, the Supreme Court ruled on Thursday.

Read More Show Less
The Firefly Watch project is among the options for aspiring citizen scientists to join. Mike Lewinski / Wikimedia Commons / CC by 2.0

By Tiffany Means

Summer and fall are great seasons to enjoy the outdoors. But if you're already spending extra time outside because of the COVID-19 pandemic, you may be out of ideas on how to make fresh-air activities feel special. Here are a few suggestions to keep both adults and children entertained and educated in the months ahead, many of which can be done from the comfort of one's home or backyard.

Read More Show Less
People sit at the bar of a restaurant in Austin, Texas, on June 26, 2020. Texas Governor Greg Abbott ordered bars to be closed by noon on June 26 and for restaurants to be reduced to 50% occupancy. Coronavirus cases in Texas spiked after being one of the first states to begin reopening. SERGIO FLORES / AFP via Getty Images

The coronavirus may linger in the air in crowded indoor spaces, spreading from one person to the next, the World Health Organization acknowledged on Thursday, as The New York Times reported. The announcement came just days after 239 scientists wrote a letter urging the WHO to consider that the novel coronavirus is lingering in indoor spaces and infecting people, as EcoWatch reported.

Read More Show Less
A never-before-documented frog species has been discovered in the Peruvian highlands and named Phrynopus remotum. Germán Chávez

By Angela Nicoletti

The eastern slopes of the Andes Mountains in central Perú are among the most remote places in the world.

Read More Show Less
Left: Lemurs in Madagascar on March 30, 2017. Mathias Appel / Flickr. Right: A North Atlantic right whale mother and calf. National Marine Fisheries Service

A new analysis by scientists at the Swiss-based International Union for Conservation of Nature (IUCN) found that lemurs and the North Atlantic right whale are on the brink of extinction.

Read More Show Less
Nobody knows exactly how much vitamin D a person actually needs. However, vitamin D is becoming increasingly popular. Colin Dunn / Flickr / CC by 2.0

By Julia Vergin

It is undisputed that vitamin D plays a role everywhere in the body and performs important functions. A severe vitamin D deficiency, which can occur at a level of 12 nanograms per milliliter of blood or less, leads to severe and painful bone deformations known as rickets in infants and young children and osteomalacia in adults. Unfortunately, this is where the scientific consensus ends.

Read More Show Less

Trending

Data from a scientist measuring macroalgal communities in rocky shores in the Argentinean Patagonia would be added to the new system. Patricia Miloslavich / University of Delaware

Ocean scientists have been busy creating a global network to understand and measure changes in ocean life. The system will aggregate data from the oceans, climate and human activity to better inform sustainable marine management practices.

EcoWatch sat down with some of the scientists spearheading the collaboration to learn more.

Read More Show Less