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By the end of last year. renewable energy investments declined by its largest amount ever and are likely to keep falling this year. It fell to $298bn in 2017 from $318bn in 2016. according to the International Energy Agency. IEA. This fall threatens global climate goals.
The figures showed that capital spending in renewable energy generation fell by 7% in 2017 compared with the previous year. According to a report from the International Energy Agency. this decline was attributed to a fall in onshore wind and hydropower investment. Fatih Birol. the IEA’s executive director. said the declines in clean power and energy efficiency were “worrying“ in an interview with the Financial Times.
Following the Paris climate agreement in 2015 more than 170 countries agreed to try limiting global warming to well below 2C. an effort that will require huge investments in low-carbon energy systems. But with global carbon emissions rising again and investment in renewables falling. there are concerns about how the goals of the Paris agreement can be met.
