Quantcast
Renewable Energy
Solar panels floating on a lake created by the collapse of abandoned coal mines in Liulong, China. georgeekman / Flickr

Solar Capacity Exceeded All Other Fuel Sources Combined in 2017, Study Finds

In 2017, the world invested more in solar power than it did in any other energy technology and installed more new solar capacity than all other energy sources combined, including fossil fuels.

Those are the bright findings of a UN-backed report Global Trends in Renewable Energy Investment 2018, published Thursday.


The report, a collaboration between the United Nations Environment Programme, Bloomberg New Energy Finance, and the Frankfurt School of Finance and Management, found that investors committed $279.8 billion to renewable energy overall, excluding large dams, and $160.8 billion to solar specifically.

"The extraordinary surge in solar investment shows how the global energy map is changing and, more importantly, what the economic benefits are of such a shift," UNEP head Erik Solheim said in a UN press release about the report.

Solheim added that those benefits included the creation of more better paying, higher quality jobs.

China was the decided leader in solar and renewable investment. It was responsible for more than half of the 98 gigawatts of solar capacity added last year and 45 percent of the dollars invested in renewables over all.

The U.S. followed China as No. 2 in the top 10 list of renewable-investing countries, but it lagged far behind. It invested $40.5 billion in renewable energy, down six percent from 2016. China, on the other hand, upped its investments by 30 percent to $126.1 billion.

Overall, 2017 continued a trend begun in 2015 of developing countries investing more in renewable energy than developed countries. Developing countries increased their investments by 20 percent to $177 billion, accounting for 63 percent of total investments, while developed countries decreased their investments by 19 percent to $103 billion.

Renewable energy investment in the UK, Germany and Japan all took major hits, falling by 65 percent, 35 percent and 28 percent, respectively. The countries still ranked seventh, fifth and third for overall investments.

Mexico, Australia and Sweden, meanwhile, increased their commitments by substantial amounts: 810 percent, 147 percent and 127 percent, in order. They were ranked ninth, tenth and sixth overall.

Rounding out the top 10 list were India at No. 4 and Brazil at No. 8. Together with China, the three emerging economies accounted for just over half of global renewable investments.

While they didn't make it onto the top ten, Egypt and the United Arab Emirates made impressive strides, increasing their renewable investments by six times and 29 times, respectively.

As solar investments rose, costs fell. The cost per megawatt-hour for a solar installation dropped by 15 percent to $86.

However, while the reported investments bode good things for the future, the report found that present energy use shows we still have a ways to go. The proportion of energy generated by renewable sources in 2017 was 12.1 percent, up from 11 percent the year before.

"Climate change is moving faster than we are," Solheim, UN Framework Convention on Climate Change Executive Secretary Patricia Espinosa, and Frankfurt School President Nils Stieglitz wrote in the report's foreword. "Last year was the second hottest on record and carbon dioxide levels continue to rise. In electricity generation, new renewables still have a long way to go. While renewable generating costs have declined, and governments are phasing-out fossil fuel subsidies– they amounted to a total US$260 billion in 2016—the transition needs to accelerate and be complemented by strong private finance that can make sure this global momentum continues," they wrote.

Show Comments ()

EcoWatch Daily Newsletter

Sponsored
Energy
An activist adjusts his hat while protesting the Keystone XL Pipeline during the Native Nations Rise protest on March 10, 2017 in Washington, DC. The KXL has been at the center of a contentious fight for a decade. Brendan Smialowski / AFP / Getty Images

KXL Pipeline Developer Plans to Start Construction in 2019

Construction on the long-delayed Keystone XL (KXL) pipeline is planned for 2019, developer TransCanada said Monday.

"Keystone XL has undergone years of extensive environmental review by federal and state regulators," TransCanada spokesman Matthew John told Omaha World-Herald. "All of these evaluations show that Keystone XL can be built safely and with minimal impact to the environment."

Keep reading... Show less
Popular
Artist Ricky Lee Gordon paints his mural, Wings of Paradise, on a building in Long Beach, California. David McNew / Ricky Lee Gordo / Greenpeace

Wings of Paradise: Drawing Attention to Rainforest Destruction

By Alexander Navarro

For too long the story of Indonesian forests has been painted with the darkness of burning rainforests, disappearing species and displaced communities. Greedy palm oil companies, that only seem to be driven by the bottom line whatever the cost to humanity or biodiversity, have played a major role in this.

Keep reading... Show less
Science
The ICESat-2 will point lasers at Earth's ice sheets. NASA/Goddard Space Flight Center Conceptual Image Lab

NASA's New Space Laser to Measure Earth's Changing Ice

NASA will soon activate the "most advanced laser instrument of its kind" to study Earth's changing polar ice.

The incredibly precise Advanced Topographic Laser Altimeter System (ATLAS) is the main feature of the Ice, Cloud and land Elevation Satellite-2 (ICESat-2) that successfully launched into space from the Vandenberg Air Force Base in California on Sept. 15.

Keep reading... Show less
Climate
The Atlantic wolffish is already at risk from oxygen depletion. Nilfanion, via Wikimedia Commons

Oxygen Loss in Canada Linked to Climate Change

By Tim Radford

Oceanographers have identified an act of slow suffocation, as oxygen loss grows near one of the world's richest fishing grounds, and are linking the change to human-triggered global warming.

Keep reading... Show less
Sponsored
Business
A Co-op grocery store location in Shoreditch, London. The Co-op Group / CC BY 2.0

Supermarket Becomes First in UK to Replace Single-Use Plastic Bags With Compostable Alternative

Since 2015, all large stores in England have been required by law to charge five pence for single-use plastic bags in an attempt to reduce plastic pollution.

Now, major UK supermarket chain the Co-op is taking that one step further by phasing out plastic bags entirely and replacing them with compostable alternatives, becoming the first supermarket in the UK to do so, The Guardian reported.

Keep reading... Show less
Animals
Tiger: Bernard DuPont (CC BY-SA 2.0); Wolf: John and Karen Hollingsworth /USFWS

Tigers and Wolves: The Reigning Cats and Dogs in Conservation?

By John R. Platt

Do the species most in need of conservation also receive the most scientific research?

Keep reading... Show less
Sponsored
Animals
A tiger in Dhikala, Nepal. Ranjith Kumar 2016 / CC BY-SA 4.0

Wild Tiger Population Nearly Doubles in Nepal

Thanks to dedicated conservation efforts, Nepal now has an estimated 235 wild tigers in the country, a nearly twofold increase from its baseline of 121 individuals in 2009, the World Wildlife Foundation (WWF) announced Sunday on the occasion of Nepal's National Conservation Day.

The South Asian nation is now on track to become the first country to double its tiger population as part of WWF's "TX2" goal to double the world's wild tiger population by 2022—the next year of the tiger on the Chinese zodiac.

Keep reading... Show less
Popular
North Carolina hog CAFO in Hurricane Florence floodwaters, Sept. 18. Larry Baldwin / Crystal Coast Waterkeeper / Waterkeeper Alliance

In a Warming World, Carolina CAFOs Are a Disaster for Farmers, Animals and Public Health

By Karen Perry Stillerman

In the aftermath of Hurricane Florence, I've joined millions who've watched with horror as the Carolinas have been inundated with floodwaters and worried about the various hazards those waters can contain. We've seen heavy metal-laden coal ash spills, a nuclear plant go on alert (thankfully without incident), and sewage treatment plants get swamped. But the biggest and most widely reported hazard associated with Florence appears to be the hog waste that is spilling from many of the state's thousands of CAFOs (confined animal feeding operations), and which threatens lasting havoc on public health and the local economy.

Keep reading... Show less
Sponsored

mail-copy

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