UN Environment Programme: 2018 Global Renewable Energy Investment Trends Report

A report released on the 5th by the United Nations Environment Programme (UNEP) pointed out that as of 2017, global annual investment in renewable energy has exceeded US$200 billion for eight consecutive years. The report shows that China is by far the world's largest investor in renewable energy, with investment last year increasing by 31% over 2016 to US$126.6 billion. At the same time, China was also the main driving force behind the sharp increase in solar energy investment throughout last year.

The 2018 Global Renewable Energy Investment Trends Report, jointly released by the United Nations Environment Programme, Frankfurt University of Finance and Economics and the United Nations Environment Programme Collaboration Center, and Bloomberg New Energy Finance in Frankfurt, Germany, shows that the decline in the cost of solar power generation and some wind power costs continues to promote the development of renewable energy. Last year was the eighth year that global renewable energy investment exceeded US$200 billion. Since 2004, the world has invested US$2.9 trillion in green energy.

The report pointed out that in 2017, the global solar power installed capacity increased by 98GW (gigawatts), far exceeding the net increase of other power generation technologies such as renewable energy, fossil energy and nuclear energy. China played a major driving role in this process, with 53GW of new installed capacity alone, accounting for more than half of the world's new installed capacity, and its investment increased by 58% year-on-year to US$86.5 billion.

Overall, China is by far the world’s largest investor in renewable energy, with investments up 31% from 2016 to a record $126.6 billion, the report finds.

In the same period last year, investment in Australia (up 147% year-on-year to US$8.5 billion), Mexico (up 810% year-on-year to US$6 billion), and Sweden (up 127% year-on-year to US$3.7 billion) also increased significantly.

Erik Solheim, Executive Director of UN Environment, said: “This massive increase in investment in solar energy shows how the global energy landscape is changing and, more importantly, the economic benefits of this shift.

Solheim said that investing in renewable energy will benefit more people because it can provide more high-quality and high-paying jobs. Clean energy also means less pollution, which means healthier and happier development.

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