|15 September 2016|
The International Energy Agency (IEA) has released new figures which show an increasing global trend towards investment in renewables.
While there was an 8% drop in total global energy investment – from 2 trillion USD in 2014 to 1.8 trillion in 2015, according to World Energy Investment 2016 (WEI 2016) the IEA said there was “continued robust investment in renewables, electricity networks and energy efficiency”.
The report reveals global investments in renewable energy reached USD 313 billion last year, making it the largest source of power investment.
“We see a broad shift of spending toward cleaner energy, often as a result of government policies,” said IEA Executive Director Fatih Birol. “Our report clearly shows that such government measures can work, and are key to a successful energy transition. But while some progress has been achieved, investors need clarity and certainty from policy makers. Governments must not only maintain but heighten their commitment to achieve energy security and climate goals.”
The IEA credited technology innovations for boosting investment in smart grids and storage – which will play vital a role in capitalising on the huge potential of wind and solar.