Global new clean energy investment reach $282B

- Advertisement -

LONDON- Global investment in new clean energy capacity rose 1 percent last year to $282.2 billion, research by UNEP, Bloomberg New Energy Finance and the Frankfurt School-UNEP Collaborating Centre showed.

The United States invested $55.5 billion in 2019, up 28 percent from the year before as onshore wind developers rushed to take advantage of tax credits before their expected expiry, the report said.

Europe financed $54.6 billion, down 7 percent from 2018.

- Advertisement -spot_img

China’s investment fell to its lowest level since 2013 at $83.4 billion due to continued government cutbacks on support for solar power.

More investment went into renewables last year than fossil fuel and nuclear technologies, the report said.

Globally, new coal-fired generation is estimated to have had $37 billion of investment last year; new gas-fired generation had $47 billion and $15 billion was invested in new nuclear generation.

In terms of capacity, 184 gigawatts (GW) of new clean energy was added last year, up 12 percent from 2018.

“The all-in cost of electricity continues to fall for wind and solar, thanks to technology improvements, economies of scale and fierce competition in auctions,” the report said.

“Costs for electricity from new solar photovoltaic plants in the second half of 2019 were 83 percent lower than a decade earlier,” it added.

Governments and companies around the world have committed to adding some 826 GW of new non-hydro renewable power capacity to 2030 at a likely cost of around $1 trillion, the report said.

Author

Share post: