$2.6trn invested in this decade on renewable energy

Between 2010 and 2019, $ 2600 billion was invested in renewable energy for a fourfold increase in capacity. Installed capacity of renewables, excluding large-scale hydropower, increased from 414 GW at the beginning of the decade to 1,650 GW.

This is revealed by a study by the Frankfurt School, the United Nations Environment Program and BloombergNEF entitled “Global Trends in Investments in 2019 Renewable Energy . 

Solar has mobilized half of these investments, approximately $ 1.3 trillion and its installed capacity has increased 26-fold, from 25 GW in 2010 to 663 GW in 2019.

At the end of 2018, the share of renewables in the energy mix was 12.9%, which made it possible to reduce CO 2 emissions by 2 billion tonnes a year.

At the same time, the financial competitiveness of renewable energy has grown at an impressive rate. The cost of installing photovoltaics, for example, has dropped by 81% while that of onshore wind has dropped by 46%.

“Investing in renewable energy means investing in a sustainable and profitable future, as demonstrated by the incredible growth of renewable energy over the past decade. But we can not afford to rest on our laurels. Global emissions from the energy sector increased by about 10% during this period. It is clear that we must accelerate rapidly the global transition to renewable energies if we are to achieve the international climate and development goals, “ said Inger Andersen, Executive Director of the United Nations Environment Program.

 

Source: Agence Ecofin

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...