A recent study shows investment in global renewable energy capacity reached $286 billion in 2015 and was installed at the fastest rate in history.
The Renewables Global Status Report indicated that investments in renewables including solar, wind and hydropower in 2015 were more than double the amount spent on new coal and gas-fired power plants.
This was due to the fact that emerging economies spent more than developed countries on renewable power for the first time. The biggest investors were smaller nations including Mauritania, Honduras, Uruguay and Jamaica when measured against a country’s GDP.
Consequently, over 8 million people are now employed in the renewable energy industry worldwide.
Just last year, approximately 147 GW of new renewables capacity was added, including China, the US, Japan, UK and India, pulling in the largest share.
With China accounting for more than one-third of the global total, the developing countries outspent the richer nations on renewables for the first time.
Despite a 21 per cent reduction in European investment in renewables, clean energy is now the prominent source of electricity and covered 44 per cent of total EU capacity in 2015.