Renewable energy investments up USD 270 bln in 2014

United Nations Environment Programme (UNEP) has released Global Trends in Renewable Energy Investment 2015 report that shows 17 percent increase in the investments in renewable energy sector.

The report states that a decline in technology costs means that every dollar invested in renewable energy bought significantly more generating capacity in 2014.

The generating capacity by renewables in 2014 amounted to 103 GW in capacity, compared to 2013 when it was 86 GW.

Investments in the marine renewables sector in 2014 amounted to 400 mln, which represents the growth of 110 percent in the 2012-2014 period.

According to the report, total investments in renewables amounted to USD 270 bln, with the record investments in solar and wind that accounted for 92 percent of overall investment in renewable power and fuels. Investment in solar climbed to USD 149.6 bln, and the wind investment increased to USD 99.5 bln.

Achim Steiner, UN Under-Secretary-General and Executive Director of UNEP, said: “Once again in 2014, renewables made up nearly half of the net power capacity added worldwide. These climate-friendly energy technologies are now an indispensable component of the global energy mix and their importance will only increase as markets mature, technology prices continue to fall and the need to rein in carbon emissions becomes ever more urgent.”

The report was prepared by the Frankfurt School – UNEP collaborating Centre for Climate and Sustainable Energy Finance (the Centre) and Bloomberg New Energy Finance (BNEF).

Source/Images: UNEP/Global Trends in Renewable Energy Investment 2015