Connecting...

2015 Renewable Energy Investment Figures Smash Record Targets

06 Jun 12:00 by Steve Walia

W1siziisijiwmtyvmdyvmdyvmtavndivmdqvodgxlzewmzmzndc4x20uanbnil0swyjwiiwidgh1bwiilci4mdb4nduwiyjdxq

A new report has shown that the global market for renewable energy smashed its targets last year, thanks to a record investment level in clean and green renewable energy technologies such as solar, wind and hydropower.

An additional 147GW of green energy capacity went online last year, which is the biggest increase recorded to date and equal to the total power generation capacity in Africa.

Investment in renewable energies increased to just under £200 billion, with 56pc of the total figure being for solar energy and wind power representing nearly 40pc.

Over 200pc more investment was put into renewable energy compared to fossil fuel generation, according to the research carried out by REN21.

Additionally, employment in the clean energy industries saw an increase of 5pc.

Interestingly, these figures were achieved during a period when coal and oil were at historic price lows, and when renewables were being disadvantaged by falling government subsidies. The Chief of REN21, Christine Lins, said that for every pound spent in renewable energy, nearly £4 has to be spent simply maintaining a dependence on damaging fossil fuels.

A new record was also created by emerging economies, who outspent developed nations for the first time in the race to lead in clean energy. China represented 33pc of the world's total investment. Other big investors, particularly relative to GDP, were Honduras, Jamaica and Uruguay.

Some of the most challenging renewable targets were also set by Latin American and African countries.

However, in developing countries the picture was less positive, with investment plummeting across Europe following the cancellation of government subsidy reports. Only the US remained a clear exception. However, clean energy is still providing 44pc of the EU's total electricity capacity and 15pc of its overall total consumption.