Report produced in collaboration with Bloomberg New Energy Finance
Renewable energy set new records in 2015 for dollar investment, the amount of new capacity added and the relative importance of developing countries in that growth. All this happened in a year in which prices of fossil fuel commodities – oil, coal and gas – plummeted, causing distress to many companies involved in the hydrocarbon sector.
So far, the drivers of investment in renewables, including climate change policies and improving cost-competitiveness, have been more than sufficient to enable renewables to keep growing their share of world electricity generation at the expense of carbon-emitting sources.
Last year saw global investment in renewables1 rise 5% to $285.9 billion, taking it above the previous record of $278.5 billion reached in 2011 at the peak of the ‘green stimulus’ programmes and the German and Italian rooftop solar booms.