In all corners of the world, renewable energy is gaining traction and at lower costs. REN21’s latest renewable global status report shows a nine percent uptick in renewable energy installations in 2016, to 161 gigawatts, compared to 2015. The two biggest growth sectors were solar, up 47 percent, and wind, up 34 percent. Lower costs are key drivers in this growth.
The report highlights recent deals in Denmark, Egypt, Mexico and Peru, where renewable energy was being delivered at $0.05/kWH or less, well below equivalent costs for fossil fuel energy and nuclear generating capacity in each of these countries.
Another sign of how renewable energy dollars are going further: the record 161 gigawatts of capacity required 23 percent less investment ($241 billion) compared to 2015. One troubling statistic in the new REN21 figures: renewable energy investment fell by 30 percent last year in developing countries, compared to a smaller 14 percent drop in developed countries.
To find out more about the report, visit the report’s microsite here.