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Global investment in renewable power reached $270.2B in 2014, ~17% up from 2013; biofuel investment fell 8% to 10-year low
April 06, 2015
Global investment in renewable power and fuels (excluding large hydro-electric projects) was $270.2 billion in 2014, nearly 17% higher than the previous year, according to the latest edition of an annual report commissioned by the United Nations Environment Program’s (UNEP) Division of Technology, Industry and Economic (DTIE) in cooperation with Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance and produced in collaboration with Bloomberg New Energy Finance.
This marked the first annual increase in dollar commitments to renewables—excluding large hydro—for three years, and brought the total up to just 3% below the all-time record of $278.8 billion set in 2011. The increase reflected several influences, according to the report, including a boom in solar installations in China and Japan—totalling $74.9 billion between those two countries—and a record $18.6 billion of final investment decisions on offshore wind projects in Europe.
IRENA report finds renewable power costs at parity or below fossil fuels in many parts of world
January 17, 2015
The cost of generating power from renewable energy sources has reached parity or dropped below the cost of fossil fuels for many technologies in many parts of the world, according to a new report released by the International Renewable Energy Agency (IRENA).
The report, “Renewable Power Generation Costs in 2014”, concludes that biomass, hydropower, geothermal and onshore wind are all competitive with or cheaper than coal, oil and gas-fired power stations, even without financial support and despite falling oil prices. Solar photovoltaic (PV) is leading the cost decline, with solar PV module costs falling 75% since the end of 2009 and the cost of electricity from utility-scale solar PV falling 50% since 2010.