Renewable energy investments were at record highs in 2015, climbing 4 percent to nearly $330 billion worldwide according to a recent report from Bloomberg New Energy Finance. This fact deserves an additional highlight given that it was achieved in a conjuncture of very low oil prices.
Developments in renewable energy technology are driving the cost of solar and wind down, which is a big part of the reason why new projects are increasing.
"People are beginning to appreciate that actually, the renewables revolution will go on even if oil, coal and gas keep on getting cheaper," said Bloomberg New Energy Finance senior analyst Angus McCrone.
“There’s a strong momentum here,” McCrone said. “Climate change is part of that, but economics is a really strong part of that as well. As the cost of generation for renewables has come down so much over the last five years, and they’re still developing technologies, so those costs will come down even more over the next 10 years.”
Africa and the Middle East are two regions with big potential for clean energy, given their growing populations, plentiful solar and wind resources and, in many African countries, low rates of electricity access. In 2015, these regions combined saw investment of $13.4bn, up 54% on the previous year.
Image© Bloomberg New Energy Finance