“2014 brought a rebound of green energy investments worldwide with a surge of a solid 17% to $270 Billion” the United Nations Environment Program (UNEP) highlights in its Global Trends in Renewable Energy Investment 2015 report. Renewable power generation capacity – excluding large-scale hydropower – reached the historic 100-gigawatts level as investment “rallied strongly after two years of decline.”.
Renewable energy investment in developing countries – China in particular – were big drivers last year, UNEP points out. Elsewhere, solar financing reached a record high in Japan, while European offshore wind power investment surged higher and set a new annual record.
With costs continuing to decline and performance continuing to improve, renewable energy has thus far been able to meet the challenge posed by lower oil prices, and, more significantly, the downward pressure this exerts on natural gas prices, UNEP notes. UNEP sees further declines in the cost of renewable energy ahead even as a record-shattering low bid price of less than 6 U.S. cents per kilowatt-hour was submitted for a utility-scale solar installation in Dubai.
To view the report, click here.