2015 was a record year for renewable energy installations. Renewable power generating capacity saw its largest increase ever, with an estimated 147 gigawatts (GW) added. Modern renewable heat capacity also continued to rise, and renewables use expanded in the transport sector. Distributed renewable energy is advancing rapidly to close the gap between the energy haves- and have-nots. These results were driven by several factors.
First and foremost, renewables are now cost competitive with fossil fuels in many markets. In addition, government leadership continues to play a key role in driving the growth of renewables, particularly wind and solar, in the power sector. As of early 2016, 173 countries had renewable energy targets in place and 146 countries had support policies. Cities, communities and companies are leading the rapidly expanding “100% renewable” movement, playing a vital role in advancing the global energy transition. Additional growth factors include better access to financing, concerns about energy security and the environment and the growing demand for modern energy services in developing and emerging economies.
2015 was a record year not only for new installations, but also for investment – reaching USD 286 billion worldwide in renewable power and fuels; if investment in large hydropower (>50 MW) and in heating and cooling is taken into account, the total is far higher. With China accounting for more than one third of the global total, developing countries surpassed developed countries in total renewable energy investments for the first time. With increased investment came an increase in technological advances, cost reductions and jobs. There are now 8.1 million people working in the renewable energy sector – representing steady growth in stark contrast with depressed labour markets in the broader energy sector.
REN21’s Renewables 2016 Global Status Report presents developments and trends through the end of 2015, as well as observed trends from early 2016 where available. This means that accelerated action to reduce greenhouse gas emissions stemming from the Paris Climate Agreement in December is not reflected in the results.
More information about the Global Status report:
http://www.ren21.net/status-of-renewables/global-status-report/
(C) REN21
Image: (C) REN21
