$270 billion spent in 2014 on renewable technologies

According to the « Global Trends in Renewable Energy Investment 2014 » report – released by the United Nations Environment Program (UNEP), the Frankfurt School and Bloomberg – the $270 billion spent last year by investors on technologies such as wind and solar energy, added more renewable capacity than ever before. The reasons of this record investment are related to policy uncertainty in many countries, an issue that depressed investment in fossil fuel, as well as falling cost of solar panels and wind turbines.

According to Achim Steiner, UNEP’s executive director, 103 gigawatts of additional clean-energy power generation made up nearly half of the net power capacity added worldwide. The climate-friendly energy technologies importance will increase as markets mature and technology prices continue to fall.

China is on top of the list with $83.3 billion (up 39% from 2013), more than double that of the U.S., which came in second with $38.3 billion. According to this report, 92% of the money had been spent on wind and solar technologies.

In Europe, investors are concerned about the government support policies for renewables, said Michael Liebreich, chairman of the board at Bloomberg New Energy Finance. Higher financing for geothermal units and sea-based wind farms offset a drop spending on waste-to-energy and biofuels plants.

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