by Daniel J. Graeber
Washington (UPI) Jun 14, 2016
Investments in renewable energy made up more than half of all private investments last year, signaling a low-carbon shift is under way, the World Bank said.
A report from the bank finds global private investments held relatively steady from 2014 to total $111.6 billion last year. Investments in renewable energy, however, were higher in 2015 than during the past five years.
"Solar energy investments climbed 72 percent higher than the last five-year average, while renewables attracted nearly two-thirds of investments with private participation," the bank said in a statement.
According to its breakdown, the World Bank found South Africa and Morocco led for African investments in renewable energy, Chile led in the Americas and China led the Asian market. By sector, total investments in solar were $9.4 billion, $9.4 billion for wind, $2.9 billion for hydroelectric projects and $1.3 billion for geothermal energy.
An April report from the International Energy Agency on electricity trends across the Organization of Economic Cooperation and Development and found an increase of 77 terawatt-hours of power generated from wind resources from 2014, the largest increase recorded by the Paris-based agency. The majority of the new wind-generated electricity occurred in European members of the OECD.
Conventional energy, meanwhile, moved lower by 30 percent year-on-year to $37.6 billion as the low price of oil curbed the appetite for new spending. Though oil prices are up more than 75 percent from their low point for 2016, the price is still about half what it was two years ago.
Energy investments accounted for about 34 percent of all global private transactions in 2015, though last year it was the transportation sector that took up the most of the capital. Turkey last year closed on two megadeals in the transportation sector, including the $35.6 billion investment in a new airport.
A climate deal reached last year in Paris is aimed at curbing global warming in part by encouraging investments in renewable energy. According to the U.N. Environment Program, however, even if all the commitments under the Paris agreement materialize, emissions levels by 2030 could still potentially lead to a global average temperature increase of more than 3 degrees Celsius.
All About Solar Energy at SolarDaily.com
|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|