2015 Clean Energy Investment Surges In Spite Of Fossil Fuel Price Crash

January 18, 2016 at 10:31 am Leave a comment

investment 2015Clean energy investment surged to a record $329 billion in 2015, up 4% from 2014 and up by 3% over 2011’s previous high.

According to figures published by Bloomberg New Energy Finance (BNEF) on Thursday, 2015 was not only the highest year for clean energy investment, but also for renewable energy installation, with 64 GW of wind and 57 GW of solar PV commissioned during the calendar year — an increase of nearly 30% over 2014.

China, Africa, the US, Latin America, and India all contributed to 2015’s record investment numbers.

“These figures are a stunning riposte to all those who expected clean energy investment to stall on falling oil and gas prices,” said Michael Liebreich, chairman of the advisory board at Bloomberg New Energy Finance. “They highlight the improving cost-competitiveness of solar and wind power, driven in part by the move by many countries to reverse-auction new capacity rather than providing advantageous tariffs, a shift that has put producers under continuing price pressure.”

“Wind and solar power are now being adopted in many developing countries as a natural and substantial part of the generation mix: they can be produced more cheaply than often high wholesale power prices; they reduce a country’s exposure to expected future fossil fuel prices; and above all they can be built very quickly to meet unfulfilled demand for electricity. And it is very hard to see these trends going backwards, in the light of December’s Paris Climate Agreement.”

Read 2015 Clean Energy Investment Surges In Spite Of Fossil Fuel Price Crash by Joshua S. Hill at Clean Technica.

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Entry filed under: Climate, Economy, Renewables.

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