Investments in renewable slumped 23% in 2016, while installed capacities soared 9%
(Ecofin Agency) - In 2016, investments in renewable energy, hydroelectricity excluded, decreased by 23% compared to 2015 while installed capacities increased 9%. This was revealed in a report edited by the United Nations and entitled “Global Trends in Renewable Energy Investment”.
Indeed, production from solar, wind and biomass power plants installed last year stood at 138 GW against 127.5 GW in 2015; thus setting a new record, while investments reached $241.6 billion, the lowest since 2013.
The fall in investment was spurred by lower costs for the development of these types of plants. “Ever-cheaper clean tech provides a real opportunity for investors to get more for less. This is exactly the kind of situation, where the needs of profit and people meet, that will drive the shift to a better world for all,” said Erik Solheim, executive director of UN Environment.
Also, investments in renewable power plants were twice more than in fossil energies. Production from renewable sources in 2016 represented 55% of generating capacity added globally.