New Solar Capacity Outpaced Other Fuel Sources
AUnited Nations-backed report, Global Trends in Renewable Energy Investment 2018, reveals that the world invested more in solar power than any other single energy technology in 2017 and installed more new solar capacity than all other energy sources combined, including fossil fuels.
The report tally saw investors committing $279.8 billion to renewable energy overall, excluding large dams, and $160.8 billion to solar specifically.
United Nations Energy Programme head Erik Solheim explains, “The extraordinary surge in solar investment shows how the global energy map is changing and more importantly, what the economic benefits are, including the creation of more better-paying, higher-quality jobs.”
China, the leader in solar and renewable investment, was responsible for more than half of the 98 gigawatts of solar capacity added last year and 45 percent of the dollars invested in renewables overall.
The U.S. was second, investing $40.5 billion in renewable energy. Mexico, Australia and Sweden increased their commitments by substantial amounts—810 percent, 147 percent and 127 percent, respectively—with all three countries ranked in the top 10.