The renewable industry saw a record-breaking $286 billion invested over 2015, according to the United Nations Environment Program’s (UNEP) new Global Trends Report. A number of developing nations received a good chunk of this investment, including those in Africa.
"Renewables are becoming ever more central to our low-carbon lifestyles, and the record-setting investments in 2015 are further proof of this trend," states UNEP Executive Director Achim Steiner in a press release launching the new Global Trends Report. The industry saw a 19% increase in investments by developing countries, while developed countries saw renewable investments decrease by 8%.
While China led the way in renewable investments with $102.9 billion, South Africa and Morocco also made the list. South Africa saw its renewable energy investments increase by 329% to $4.5 billion. Morocco, Turkey and Uruguay all joined the list of countries investing more than $1 billion.
The renewable energy power generation subsector drew more investment in 2015 than coal and gas-fired electricity generation; in fact, coal and gas-fired power generation drew less than half the record investment made in solar, wind and other renewables capacity.