Global investment in renewable energy reached record levels in 2015, according to a new report from the UN Environment Programme (UNEP) and Bloomberg New Energy Finance (BNEF).
Chinese workers install solar panels at a photovoltaic power station in Eqiaotown, Wuhu city, east China’s Anhui province, 10 October 2014. © Imaginechina/Corbis |
It also shows,
for the first time, that more renewable power capacity was added than
other sources and that renewable energy investment was mostly in
developing countries.
Carbon Brief runs through the key findings in seven charts.
Record renewablesInvestment in renewable energy reached a record $285.9bn in 2015, UNEP and BNEF say. That was up 5% on a year earlier and surpassed the previous peak of $279bn in 2011.
Low-carbon takes over
Investments in
low-carbon sources of electricity, such as renewables, large hydro and
nuclear, were much higher than for fossil fuel generation. The record
$262bn renewable investment in 2015 was more than twice the $130bn that
went into coal and gas.
In fact, this
has been the case for several years, highlighting the extent to which
low-carbon, generally, and renewables, in particular, have become
mainstream.
However, it’s
worth noting that investments in oil and gas exploration and extraction
easily eclipse spending on new electricity generation capacity. Despite
huge spending cuts in the wake of the oil price crash, oil and gas
investment in 2016 is expected to be $522bn, down from $595bn in 2015.
Global investment in power capacity 2008-2015, $billions. Source: Bloomberg New Energy Finance/UNEP Global Trends in Renewable Energy Investment 2016. |
Majority stake
Last year also
saw renewables, excluding large hydro, account for more than half of new
power generation capacity for the first time. Of the 253 gigawatts (GW)
added around the world in 2015, 134GW was from renewables excluding
large hydro.
The world’s
fossil-fired capacity also increased. After accounting for closures,
global coal capacity increased by 42GW and gas by 40GW. Nuclear capacity
grew by 15GW.
Net generating capacity added globally in 2015 by technology, gigawatts. Source: Bloomberg New Energy Finance/UNEP Global Trends in Renewable Energy Investment 2016. |
Rising share
Despite
renewables dominating capacity growth in 2015, it’s worth remembering
that the world continues to rely heavily on fossil fuels to generate its
power. Renewables supplied 10% of global electricity, excluding large
hydro.
Including large hydro, renewables’ share of global electricity generation rises to more than 20%.
Developing world dominates
The UNEP report
shows, for the first time, that most renewable energy investment was in
developing nations. This trend appears to be accelerating as ambition
soars in China and India, while stalling across Europe.
China’s surge
This regional
split is seen even more clearly on the map, below. China, which now
spends more on renewables than the US and Europe combined, has ambitious plans to double its wind capacity and treble its solar capacity during its next five-year plan to 2020.
In contrast,
spending in Europe has more than halved since a 2011 peak and has now
fallen back to 2006 levels. US investment has been relatively steady.
The recent extension of wind and solar tax credits should ensure this continues.
Global new investment in renewables by region, 2004-2015, $bn. Includes estimates for undisclosed deals. Source: Bloomberg New Energy Finance/UNEP Global Trends in Renewable Energy Investment 2016. |
Falling costs
As well as
reaching record levels of investment, renewable capacity added in 2015
was the highest ever too. That’s partly thanks to renewables getting
cheaper, with each dollar buying more capacity.
In 2015,
spending was 3% higher than in 2011. The 156 gigawatts (GW) added,
however, was 56% larger than the 100GW installed in 2011.
Global renewable generating capacity (red line, left axis) and annual capacity additions (blue bars, right axis). Source: Bloomberg New Energy Finance/UNEP Global Trends in Renewable Energy Investment 2016, REN21 Global Status Reports and Carbon Brief analysis. Chart by Carbon Brief. |
Links
- Why we're going to be breaking renewable records for the foreseeable future, and what that means
- What falling oil prices may mean for the future of renewable energy investment
- Analysis: Record UK renewable energy investment overtakes North Sea spend
- Five charts that show how Arctic and Antarctic sea ice is faring in 2015
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