The world hit a renewable power record in 2016 thanks to cheaper solar, wind

Offshore wind investments in Europe shot up 53 percent last year to nearly $26 billion .
Image: Anna Gowthorpe/ WP-APool/ Getty Images

Global investment in clean intensity has declined in 2016 and that’s mainly a good thing.

The world spent less fund to build even higher sums of renewable electricity compared to 2015, according to a report secreted Thursday. That entails air, solar, and other technologies are becoming cheaper, and in many targets they’re now cost-competitive with coal and natural gas.

Companies and governments included a record 138,500 megawatts of brand-new air, solar, biomass, waste-to-energy, geothermal, small-time hydro and naval roots in 2016, the report determined. That’s up 8 percent from the 127,500 megawatts included the previous year.

At the same time, investments fell by 23 percent last year to $241.6 billion, which was the lowest level since 2013.

However, don’t give that buffoon you into thinking the world has transformed its back on solving climate change( that’s just the Trump administration ). Energy experts said the descend was largely due to the falling cost of air and solar power, though slower economic growth in China and the phasing out of aids in Japan and non-eu countries also contributed.

Image: World-wide Trends in Renewable Energy Investment 2017

Wind power and solar photovoltaics both heard a 10 percent dropped in the average dollar quantity of capital expenditure per megawatt.

“Investors went more blows for their horse, ” according to the seam report from the United Nations Environment Program( UNEP ), the Frankfurt School-UNEP Collaborating Center, and Bloomberg New Energy Finance( BNEF ).

Erik Solheim, UNEP’s executive director, said that’s “exactly the kind of place where the requirements for the gain and people meet that they are able to drive the alteration to a better nature for all.”

This dynamic of falling costs and rising renewable installings too sends an important signal that clean intensity force will continue, despite the waning political support from the United States.

Image: World-wide Trends in Renewable Energy Investment 2017

The Trump administration is vowing to scrap many federal programs that encourage renewables in favor of an unsure effort to revive coal mining and further strengthen oil and gas drilling. Last-place month, President Trump signed an executive ordering to begin unraveling the Obama administration’s key climate change programmes, includes the Clean Power Plan, which would cut emissions from the supremacy sector and boost demand for clean energy.

Still, states and city governments in the U.S. have made clear that “they il be” plowing onward with plans to expand the use of renewable sources of. The global share of clean power is expected to rise vastly in coming decades as costs retain descent, and as countries work to address human-driven climate change through the Paris Climate Agreement.

“The rest of “the worlds” is on its way, ” Rachel Kyte, a former World Bank economist and special climate change emissary, said by phone. “I don’t think that[ Trump’s pushback] can impact in the long-run the hug of renewable energy.”

A man plugs in a solar battery in the town of Yambio, South Sudan.

Image: spencer platt/ Getty Images

“Company by fellowship, city by city, people are moving in this direction … because the science is moving, the economics are moving, because people want clean breath and flexibility in their electricity, ” did Kyte, who is now CEO of the U.N. initiative Sustainable Energy For All.

Under the Paris treaty, which entered into force last-place autumn, world leaders agreed to keep global warming to well below 2 degrees Celsius, or 3.6 degrees Fahrenheit, above preindustrial levels through 2100. The batch also contains a more aggressive aspirational objective of restraint warming to 1.5 degrees Celsius, or 2.6 degrees Fahrenheit.

Renewables still have jolly far to clamber in order to reached the 2-degree target. The nature will need to invest around $145 trillion in low-carbon technologies by 2050 in order to stay within the Paris limits, two global renewable energy organizations said in March.

In 2016, clean energy sources made up about 11.3 percent of global electricity , not counting large-scale hydropower, according to the brand-new report. That’s up from 10.3 percent in 2015.

The Noor 3 solar power plant one of the world’s biggest near Ouarzazate, southern Morocco.

Image: AP/ REX/ Shutterstock

Shifting U.S. economic programmes, and a potential drop in fossil fuel rates, could slow-going the tempo of renewable energy resources growth in coming decades, Thursday’s report alarms. But investors seem unlikely to turn away from brand-new clean intensity assignments any time soon.

Investments in renewable capability were approximately double those working in fossil fuel in 2016, BNEF data present. New power capacity from renewables made up about 55 percent of all brand-new supremacy last year the highest to date.

“The investor hunger for existing wind and solar farms is a strong signal for “the worlds” to move to renewables, ” Udo Steffens, chairman of Frankfurt School of Finance& Management, said in a statement.

WATCH: How sunshine is wreaking radio to remote parts of South Sudan

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