Quantcast
Business
TAFE SA TONSLEY / Flickr

Worldwide Clean Energy Investments Hit $333.5 Billion Last Year

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
Show Comments ()
Sponsored

How Big Is Your Environmental Footprint?

If you want to make a positive change this Earth Day but don't know where to start, one of best things you can do is take an honest look at your environmental footprint. For instance, how much water are you wasting? How much plastic are you throwing out? How much planet-warming carbon are you producing?

Luckily, there are many online calculators that crunch through your consumption habits. While the final tally might be daunting, it's the first step in living more sustainably.

Keep reading... Show less
Shopping at farmers markets can help minimize your waste.

6 Simple Tips to Reduce Waste So Every Day Is Earth Day

Earth Day 2018 is focused on the all-important theme of reducing plastic litter and pollution. Of course, we shouldn't just reduce our plastic footprint, we should try to reduce waste in all shapes, sizes and forms. It's said that the average American generates a staggering 4 pounds of trash every day—but you don't have to be part of that statistic.

Here are six entirely manageable tips and tricks to help you cut waste.

Keep reading... Show less
Popular

Earth Day Tips From the EcoWatch Team

At EcoWatch, every day is Earth Day. We don't just report news about the environment—we aim to make the world a better place through our own actions. From conserving water to cutting waste, here are some tips and tricks from our team on living mindfully and sustainably.

Lorraine Chow, reporter

Favorite Product: Dr. Bronner's Castile soap

It's Earth-friendly, lasts for months and can be used as soap, shampoo, all-purpose cleaner and even mouthwash (but I wouldn't recommend that).

Keep reading... Show less
Popular
Will Rose / Greenpeace

7 Things You Can Do to Create a Plastic-Free Future

By Jen Fela

We're celebrating a huge moment in the global movement for a plastic-free future: More than one million people around the world have called on big corporations to do their part to end single-use plastics.

Now we're taking the next big step. We're setting an ambitious new goal: A Million Acts of Blue.

Keep reading... Show less
Sponsored
Popular

5 Environmental Victories to Inspire You This Earth Day

Planet Earth is at a crisis point. Researchers say we have to begin reducing carbon dioxide emissions by 2020 if we want to meet the temperature goals outlined in the Paris agreement and avoid catastrophic climate change.

The work to be done can seem overwhelming. A survey published this week found that only 6 percent of Americans think we will succeed in reducing global warming.

Keep reading... Show less
Animals
A fin whale surfacing in Greenland. Aqqa Rosing-Asvid / CC BY 2.0

Iceland to Resume Killing Endangered Fin Whales

By Kitty Block

Iceland seems to be the most confused of nations when it comes to whales. On the one hand it attracts international tourists from all over the world to go out and see whales as part of their encounters with Iceland's many natural wonders. On the other hand it kills whales for profit, with some portion of the kill even being fed to some of the same tourists in restaurants and cafes.

Keep reading... Show less
Sponsored
Climate
A.millepora in the Great Barrier Reef. Petra Lundgren, Juan C Vera, Lesa Peplow, Stephanie Manel and Madeleine JH van Oppen

Hope for Great Barrier Reef? New Study Shows Genetic Diversity of Coral Could Extend Our Chance to Save It

A study published Wednesday had some frightening news for the Great Barrier Reef—the iconic marine ecosystem is at "unprecedented" risk of collapse due to climate change after a 2016 heat wave led to the largest mass coral bleaching event in the reef's history.

Keep reading... Show less
Business
Lyft

Lyft Announces Carbon Neutrality Drive

Lyft will make all of its rides carbon neutral starting immediately by investing millions of dollars in projects that offset its emissions, the company announced Thursday.

The ridesharing service, which is part of the We Are Still coalition, provides more than 10 million rides worldwide each week. "We feel immense responsibility for the profound impact that Lyft will have on our planet," founders John Zimmer and Logan Green wrote in a Medium post.

Keep reading... Show less
Sponsored

mail-copy

The best of EcoWatch, right in your inbox. Sign up for our email newsletter!