Record new global renewable capacity installed in 2015 -report

May 31 A record amount of renewable
power capacity was installed worldwide last year as solar and
wind costs fell, becoming more competitive with fossil fuels,
research by renewables policy organisation REN21 showed on
Tuesday.

New installations of renewable power generation capacity
(including hydropower) rose to 1,848.5 gigawatts (GW) globally
in 2015, an increase of 147.2 GW from the previous year,
Paris-based REN21’s annual renewables global status report
showed.

This is the largest ever annual increase in installed
capacity and was mainly driven by renewables becoming more
cost-competitive with oil, coal and gas in many markets and an
increase in government policies to support the growth of clean
energy, it added.

Global new investment in renewable power and fuels
(excluding large hydropower) rose to $285.9 billion last year
from $273 billion in 2014, the report said.

Including large hydro projects, new investment was at least
$328.9 billion, REN21 added.

Earlier this year, Bloomberg New Energy Finance research
estimated that clean energy investment worldwide reached a
record $329.3 billion last year.

“The renewables train is barrelling down the tracks, but
it’s running on 20th century infrastructure – a system based on
outdated thinking where conventional baseload is generated by
fossil fuels and nuclear power,” said Arthouros Zervos, chair of
REN21.

For governments to achieve their emissions cut targets under
a global deal to tackle climate change called the Paris
Agreement they need to integrate more renewables into the grid;
design policies to financially discourage fossil fuel investment
and remove risks from investing in renewables, the report added.

(Editing by David Evans)

The article Record new global renewable capacity installed in 2015 -report was originally published at Reuters - US Energy.