A report from teams together with the United Nations environmental arm and Bloomberg New Energy Finance (BNEF) reveals renewable vitality installations have been accountable for 61% of the world’s web energy capability additions in 2017, greater than double the new-builds from fossil fuel-powered era.

The Global Trends in Renewable Energy Investment 2018 report, compiled by BNEF, the United Nations Environment Program, and the Frankfurt School-UNEP Collaborating Centre, stated solar energy led all renewable sources, accounting for 98 GW—or 38%—of latest international energy era capability put in final 12 months. Nearly $161 billion was invested worldwide in solar energy know-how in 2017.

In whole, a document 157 GW of renewable energy era have been commissioned final 12 months, up from 143 GW in 2016. By comparability, a web of about 73 GW of fossil gasoline era got here on-line in 2017—121 GW of latest coal and gas-fired energy capability, much less 48 GW of gasoline and coal that have been retired. Nuclear era elevated by a web 11 GW.

The report, launched April 5, stated decrease prices for photo voltaic and wind proceed to spur deployment. The teams stated the benchmark levelized value of electrical energy for a utility-scale photo voltaic photovoltaic venture fell to $86/MWh, down 15% from 2016, and a 72% drop since 2009. The report stated the lower might be attributed to decrease capital prices and effectivity enhancements.

The teams stated 2017 marked the eighth straight 12 months with greater than $200 billion in worldwide funding in renewable vitality applied sciences, though the almost $280 billion spent on renewable vitality tasks (excluding giant hydropower) lagged the document $323.four billion invested in 2015. It did, nevertheless, prime 2016 funding of a revised $274 billion, up from the $241.6 billion reported when the 2017 report was launched a 12 months in the past.

“The world added extra photo voltaic capability than coal, gasoline, and nuclear crops mixed,” Nils Stieglitz, president of the Frankfurt School of Finance & Management, stated within the report. “This reveals the place we’re heading, though the truth that renewables altogether are nonetheless removed from offering nearly all of electrical energy implies that we nonetheless have a protracted solution to go.”

A December report from the North American Electric Reliability Corp. (NERC) stated U.S. energy era from renewable sources, together with pure gasoline, would produce sufficient electrical energy to offset retirements of U.S. coal and nuclear items over the following 10 years. The report was a part of NERC’s 2017 Long-Term Reliability Assessment for the U.S. energy grid.

China stays the world’s largest investor in renewables, with $126.6 billion invested in 2017, a 31% enhance over the prior 12 months. The report stated U.S. funding in renewables totaled $40.5 billion, a 6% drop from 2016. Europe sustained a 36% drop, to $40.9 billion, a determine that included a 65% drop ($7.6 billion) in UK funding. The UK decline primarily mirrored an finish to authorities subsidies for utility-scale photo voltaic and onshore wind tasks, together with a niche between auctions for offshore wind tasks.

Germany, one other giant participant within the renewable vitality house, invested 35% much less ($10.four billion) in 2017, owing to decrease prices per MW for offshore wind, and uncertainty relating to auctions for onshore wind tasks. Japan’s 28% drop ($13.four billion) in funding additionally was attributed to uncertainty surrounding auctions for onshore wind tasks, and ongoing grid connection points for renewable vitality sources.

“In international locations that noticed decrease funding, it usually mirrored a combination of adjustments in coverage assist, the timing of huge venture financings, akin to in offshore wind, and decrease capital prices per megawatt,” Angus McCrone, BNEF’s chief editor, stated within the report.

The report stated a web 35 GW of coal-fired era capability got here on-line in 2017, as 67 GW of latest capability was commissioned however 32 GW was retired. A web 38 GW of…

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