Clean energy investment defied the odds in 2015, rising to a record in the face of some powerful negative influences.
Figures from Bloomberg New Energy Finance (BNEF) show investment reached US$329 billion, up 4 per cent from 2014’s US$316 billion and nearly six times the 2004 level.
China was the biggest investor, spending US$111 billion, with the US spending half that to take second place.
BNEF cited four negative influences on clean energy investment:
- Falling prices for solar photovoltaics, which enables the same capacity to be installed for less money.
- The strength of the US currency, reducing the $US value of non-US investment.
- The continued weakness of the European economy, which has seen the biggest renewable energy investment.
- The plunge in fossil fuel commodity prices, which makes fossil fuels more attractive.
This article is from the March issue of INTHEBLACK.
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