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Globally, more was invested in solar power than in coal, oil, gas and nuclear combined in 2017. A new report from UN Environment revealed that 98 gigawatts of new solar capacity was added to global energy grids last year, considerably more than any other energy source.
China was behind the significant rise, contributing to 53 gigawatts of the new solar capacity. Around the world, $160.8 billion was invested in the renewable technology last year.
It also accounted for more than half (57 per cent) of all the funds invested in renewable last year (aside from large hydro).
The report, which was compiled by UN Environment, Frankfurt School – UNEP Collaborating Centre and Bloomberg New Energy Finance predicted that the falling cost of deployment for solar projects is going to continue to drive take up, with the same also true for wind power.
Nils Stieglitz, president of Frankfurt School of Finance & Management, said that the fact that solar investment outstripped that ploughed into fossil fuels “shows where we are heading”.
“Although the fact that renewables altogether are still far from providing the majority of electricity means that we still have a long way to go,” he added.
This is yet more positive news for the renewable energy sector though, after a report published last month predicted that the UK could see subsidy-free onshore wind and solar power projects by as soon as 2025.
If you’d like to find out how to introduce renewable energy in Cumbria to your home or business, contact us today to find out what the best options are for your property and location.
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