UN: World banking on solar energy
China ramping up renewable investmentChina has been the main driving force behind the shift to solar. A whopping 53 gigawatts of power capacity – more than half the global total – was added in China. China’s efforts accounted for 63 per cent of the world’s total investment on clean energy projects last year. In total, China invested a record $126.6 billion in renewables – up 31 per cent on 2016. China is aiming to spend more than $361 billion on clean energy projects in the next few years, but renewable power is only expected to account for 15 per cent of the nation’s energy consumption by 2020. Other countries that saw steep increases in renewable investment include Australia, up 147 per cent to $8.5 billion, Mexico, up 810 per cent to $6 billion and Sweden, up 127 per cent to $3.7 billion. In the Untied States, which is the second largest investor in renewable energy, renewable energy investment fell 6 per cent to $40.5 billion. Britain had an even steeper decline, however, with investment falling 65% to $7.6 billion as subsidies for onshore wind and utility-scale solar projects dried up. Altogether, European renewable energy investment declined by 36 per cent to 40.9 billion. Primarily this was driven by a faltering of government support in mature energy markets.
Renewable energy investment in Europe by country
|2017||% growth on 2016|
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