The United Nations Environment Programme (UNEP) in collaboration with Bloomberg New Energy Finance recently released their 10th Annual Global Trends in Renewable Energy Investment report. The report examines investment in renewable energy technologies such as waste to energy, geothermal, solar, wind, biomass, tidal and small hydropower at a country level.
This includes all investments in renewable - early stage technology, research and development and spending on new capacity. The report preparation draws on a large number of data points and the expertise of a large multi--stakeholder group. This report will be followed up with Global Trends in Renewable Energy report in June 2016.
Some of the key findings from the report:
- Investment in total new renewables capacity was $266 billion, which is more than double the amount (130 billion) invested in coal and gas power stations in 2015.
- An exciting first for developing economies whose investments in renewables (up 19% in 2015) where higher than developed economies (down 8%).
- South Africa rose to be in the top 10 investor countries with a huge increase in investment of 309% to $4.5 billion.
- Solar and wind energy were by far the most dominant technologies, with developing countries spending more on wind (67.4 vs 42.2 $BN) than developed countries.
- There is a growing focus on electricity storage from renewable energy with 250MW of storage installed globally, an increase from 160MW in 2014.
Examples from Cleanleap
At Cleanleap we are excited to be witnessing this growth in investment of renewable energy in developing economies, some examples from Kenya, Ethiopia and Rwanda:
- A solar minigrid for 100 villages in Western Kenya
- Winds of hope: Ethiopia's milestones in embracing wind energy
- The first African large scale methane gas extraction project in Rwanda