More investments in solar power than in fossil fuels in 2017 globally

13/04/2018 13:49 Solar


Globally, solar power attracted the biggest investments in 2017, leaving oil, gas and coal far behind.

According to the latest report from Frankfurt School – UNEP Collaborating Centre and Bloomberg New Energy Finance, around 160.8 billion dollars have been invested in solar sector.

Solar power accounted for 57% of the total for all renewables except large hydro, or $279.8 billion, as indicated by data in the report. Meanwhile, coal and gas investment represented 103 billion dollars. 

During 2017, a huge number of renewable projects were put into operation, totalling 157GW capacity – up from 143GW in 2016.

China, Brazil and India allocated 177 billion dollars for renewable energy sources last year, registering a 20% increase compared to 103 billion dollars for economically developed states.

The decreasing costs of solar and wind electricity, as well as investments in renewables, are likely to bring more people into economy, delivering more jobs. Clean energy signifies ecologically-friendly environment and healthier development.

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