• 17 hours Trump's top energy adviser resigns
  • 9 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 14 hours Mike Pompeo, CIA Chief, Met Secretly with NK Leader Kim Jong-un
  • 3 hours New EV ETF Bets Bigger on BHP than Tesla
  • 10 hours Is Today's Tesla News Good or Bad?
  • 2 days Supreme Court drops DOJ case against Microsoft
  • 20 hours No lower offshore drilling royalty rates
  • 19 hours Oil Prices Hit Highest Level Since 2014
  • 14 hours Anybody Watching Aluminum Stocks Today??
  • 18 hours EIA Inventory Data (Wednesdays)
  • 1 day VW To Introduce Autonomous Parking In 2020
  • 11 hours Trump: "Larry, go get it done,'” - US to rejoin TPP
  • 1 day Venezuela gives Oil Minister 'Extra Powers' to halt production decline
  • 2 days How much pain is Qatar in as it goes for first bond sale since blockade?
  • 2 days Patent for a Healthy Future: Plastic-Eating Enzyme Holds Promise In Fighting Pollution
  • 2 days Net Income At Saudi Aramco Tops $33 bn in the first half of 2017!
New Sanctions On Russia Could Lift Oil Prices Further

New Sanctions On Russia Could Lift Oil Prices Further

New sanctions on Russia combined…

$100 Oil Is Back On The Table

$100 Oil Is Back On The Table

There are once again whispers…

China Leads Global Renewable Investment With $126.6 Billion

Solar panels

China invested a total of US$126.6 billion in renewable energy in 2017, the highest figure ever and accounting for 45 percent of global green energy investment, the ‘Global Trends in Renewable Energy Investment 2018’ report showed.

Total global investment in renewables last year increased by 2 percent to US$279.8 billion, taking cumulative investment since 2010 to US$2.2 trillion, and to US$2.9 trillion since 2004, according to the report by UN Environment, the Frankfurt School-UNEP Collaborating Centre, and Bloomberg New Energy Finance (BNEF).

“The latest rise in capital outlays took place in a context of further falls in the costs of wind and solar that made it possible to buy megawatts of equipment more cheaply than ever before,” the authors of the report wrote.

Last week, BNEF said in another report that tumbling costs for wind, solar, and batteries are squeezing fossil fuels as a source of power generation.

According to the more recent report, China led in total renewable investment with a record-high spending that was up 31 percent on the year. China saw an “extraordinary solar boom” last year with around 53 GW installed and solar investment of US$86.5 billion, up 58 percent from 2016.

Globally, solar power attracted far more investment than any other technology—US$160.8 billion, an 18-percent annual increase—and China was the “driving power” behind it, the report said.

Related: Escalating Trade War Ups Pressure On Oil Prices

For all renewable sources, Australia, Mexico, and Sweden saw sharp increases in investment, while renewable energy investment in the U.S. was far below China’s and dropped by 6 percent annually to US$40.5 billion.

“It was relatively resilient in the face of policy uncertainties, although changing business strategies affected small-scale solar,” the report said of the U.S. investment.

European investments dropped 36 percent to US$40.9 billion, due to a 65-percent fall in UK investment that reflected an end to subsidies for onshore wind and utility-scale solar, and a big gap between auctions for offshore wind projects. Germany’s investment slumped 35 percent on lower costs per MW for offshore wind, and uncertainty over a shift to auctions for onshore wind.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News