Subscribe to our free daily newsletters
  Solar Energy News  




Subscribe to our free daily newsletters



SOLAR DAILY
Record new renewable power capacity added worldwide at lower cost
by Staff Writers
Nairobi, Kenya (SPX) Apr 10, 2017


This is the 11th annual report on global trends in renewable energy investment produced by UN Environment (www.UNEP.org), the Frankfurt School, and Bloomberg New Energy Finance. Image courtesy UN Environment.

As the cost of clean technology continues to fall, the world added record levels of renewable energy capacity in 2016, at an investment level 23 per cent lower than the previous year, according to new research published today by UN Environment, the Frankfurt School - UNEP Collaborating Centre and Bloomberg New Energy Finance (BNEF).

Global Trends in Renewable Energy Investment 2017 finds that wind, solar, biomass and waste-to-energy, geothermal, small hydro and marine sources added 138.5 gigawatts to global power capacity in 2016, up almost 9 per cent from the 127.5 gigawatts added the year before. The added generating capacity roughly equals that of the world's 16 largest existing power producing facilities combined.

Investment in renewables capacity was roughly double that in fossil fuel generation; the corresponding new capacity from renewables was equivalent to 55 per cent of all new power, the highest to date. The proportion of electricity coming from renewables excluding large hydro rose from 10.3 per cent to 11.3 per cent. This prevented the emission of an estimated 1.7 gigatonnes of carbon dioxide.

The total investment was $241.6 billion (excluding large hydro), the lowest since 2013. This was in large part a result of falling costs: the average dollar capital expenditure per megawatt for solar photovoltaics and wind dropped by over 10 per cent.

"Ever-cheaper clean tech provides a real opportunity for investors to get more for less," said Erik Solheim, Executive Director of UN Environment. "This is exactly the kind of situation, where the needs of profit and people meet, that will drive the shift to a better world for all."

New investment in solar totalled $113.7 billion, down 34 per cent from the record high in 2015. Solar capacity additions, however, rose to an all-time high of 75 gigawatts. Wind made up $112.5 billion of investment globally, down 9 per cent; wind capacity additions fell to 54 gigawatts from the previous year's high of 63 gigawatts.

"The investor hunger for existing wind and solar farms is a strong signal for the world to move to renewables," said Prof. Dr. Udo Steffens, President of Frankfurt School of Finance and Management, commenting on record acquisition activity in the clean power sector, which rose 17 per cent to $110.3 billion.

While much of the drop in financing was due to reduced technology costs, the report documented a slowdown in China, Japan and some emerging markets, for a variety of reasons.

Renewable energy investment in developing countries fell 30 per cent to $117 billion, while that in developed economies dropped 14 per cent to $125 billion. China saw investment drop 32 per cent to $78.3 billion, breaking an 11-year rising trend.

Mexico, Chile, Uruguay, South Africa and Morocco all saw falls of 60 per cent or more, due to slower than expected growth in electricity demand, and delays to auctions and financings. Jordan was one of the few new markets to buck the trend, investment there rising 148 per cent to $1.2 billion.

The US saw commitments slip 10 per cent to $46.4 billion, as developers took their time to build out projects to benefit from the five-year extension of the tax credit system. Japan slumped 56 per cent to $14.4 billion.

"The question always used to be 'will renewables ever be grid competitive?'," said Michael Liebreich, Chairman of the Advisory Board at BNEF. "Well, after the dramatic cost reductions of the past few years, unsubsidised wind and solar can provide the lowest cost new electrical power in an increasing number of countries, even in the developing world - sometimes by a factor of two."

"It's a whole new world: even though investment is down, annual installations are still up; instead of having to subsidise renewables, now authorities may have to subsidise natural gas plants to help them provide grid reliability," Liebreich said.

Recent figures from the International Energy Agency cited the switch to renewables as one of the main reasons for greenhouse gas emissions staying flat in 2016, for the third year running, even though output in the global economy rose by 3.1 per cent.

Investment in renewables did not drop across the board. Europe enjoyed a 3 per cent increase to $59.8 billion, led by the UK ($24 billion) and Germany ($13.2 billion). Offshore wind ($25.9 billion) dominated Europe's investment, up 53 per cent thanks to mega-arrays such as the 1.2 gigawatt Hornsea project in the North Sea, estimated to cost $5.7 billion. China also invested $4.1 billion in offshore wind, its highest figure to date.

Another positive sign came in winning bids for solar and wind in auctions around the world, at tariffs that would have seemed inconceivably low a few years ago. The records set last year were $29.10 per megawatt hour for solar in Chile and $30 per megawatt hour for onshore wind in Morocco.

SOLAR DAILY
Upsolar Introduces its Floating Solar Technology to Europe
Treviso, Italy (SPX) Apr 10, 2017
Upsolar System Italia Srl. the European subsidiary of Upsolar, a leading solar photovoltaic (PV) module producer and solutions providers is making its floating solar PV services available in Europe. Upsolar will use a structure exclusively created by Koine, a design company that specializes in floating platforms. The entire solar array is made up of Upsolar modules that are mounted o ... read more

Related Links
UN Environment
All About Solar Energy at SolarDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

SOLAR DAILY
For Palestinian family, an udder-ly unique power source

Algal residue - an alternative carbon resource for pharmaceuticals and polyesters

Gripen fighter completes test flights using 100 percent biofuel

Scientists engineer sugarcane to produce biodiesel, more sugar for ethanol

SOLAR DAILY
Lockheed Martin gets license for military exoskeleton tech

Facebook launches digital assistant 'M' in US

NASA Tests Robotic Ice Tools for Use on Ocean Worlds

Robot epigenetics: Adding complexity to embodied robot evolution

SOLAR DAILY
German power company examining new wind energy options.

Canada sees emerging role for wind energy

U.N. says low-carbon economy not a "pipe dream"

Mega-wind farm offshore Denmark clears hurdle

SOLAR DAILY
GM to ramp up self-driving effort in Silicon Valley

Uber says growth strong as it gives a peek at earnings

Tesla's Musk announces plans for semi-truck launch

Apple gets permit to test self-driving cars

SOLAR DAILY
How some battery materials expand without cracking

Art of paper-cutting inspires self-charging paper device

Group works toward devising topological superconductor

Physicists develop ultrathin superconducting film

SOLAR DAILY
AREVA NP Signs Contract for Outage Services at Farley Nuclear Generating Station

AREVA and KAZATOMPROM sign a strategic agreement

S.Africa to re-think nuclear deal after junk status : ANC

France enshrines decision to close oldest nuclear plant

SOLAR DAILY
U.S. emissions generally lower last year

World Bank urges more investment for developing global electricity

US states begin legal action on Trump energy delay

Program to be axed saves energy in LA buildings

SOLAR DAILY
Stanford study explores risk of deforestation as agriculture expands in Africa

A new parameterization of canopy radiative transfer for land surface radiation models

First world survey finds 9,600 tree species risk extinction

Emissions from the edge of the forest




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement