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The world has invested $2.9 trillion in green energy sources since 2004. according to new research. with China leading the way in recent years with its push towards solar power.
The `Global Trends in Renewable Energy Investment 2018` report was published Thursday by UN Environment. the Frankfurt School-UNEP Collaborating Center. and Bloomberg New Energy Finance. It also found that 98 gigawatts (GW) of new solar capacity was installed in 2017.
What`s more. solar power attracted $160.8 billion of investment. more than any other technology. China. where a staggering 53 GW was added and $86.5 billion invested. was described as a `driving power` behind the increase in solar.
`The extraordinary surge in solar investment shows how the global energy map is changing and. more importantly. what the economic benefits are of such a shift.` Erik Solheim. the head of UN Environment. said in a statement.
`Investments in renewables bring more people into the economy. they deliver more jobs. better quality jobs and better paid jobs.` he added. `Clean energy also means less pollution. which means healthier. happier development.`
The report found that China invested the largest amount of money in renewables last year. at $126.6 billion. This represents a 31 percent increase compared to 2016. Around the world. 157 GW of renewable power was commissioned last year.
`The world added more solar capacity than coal. gas. and nuclear plants combined.` Nils Stieglitz. president of the Frankfurt School of Finance and Management. said. `This 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.`
While China led the way. other countries saw a drop in renewables investment. In the U.S.. investment fell by 6 percent to $40.5 billion. while Europe saw its investments come in at $40.9 billion. a 36 percent reduction.
