Energy Transition

Renewable energy just had its best year yet

A view shows windmills of several wind farms at the so-called "HelWin-Cluster", located 35 kilometres (22 miles) north of the German island of Heligoland November 5, 2014. As European governments start to curb offshore renewable power subsidies, utilities, wind turbine makers and installers are racing to cut costs to help the industry survive. Britain, Germany and the Netherlands, wary of committing billions of euros when budgets are tight, have announced subsidy cuts in the past 18 months - a blow to the European offshore wind industry which employs nearly 60,000 people. This has led the European Wind Energy Association (EWEA) to slash its forecasts for installed offshore capacity in Europe. However, utilities remain keen to invest in offshore wind - which the EWEA says is the fastest-growing power technology in Europe. To match story RENEWABLES-WINDPOWER/OFFSHORE Picture taken November 5, 2014.

A new report has found that renewable energy power capacity around the world grew more in 2015 than in any other year in global history. Image: REUTERS/Fabian Bimmer

Zeeshan Aleem

A new report has found that renewable energy power capacity around the world grew more in 2015 than in any other year in global history.

The Renewables 2016 Global Status Report, published Wednesday, determined that by the end of 2015, "renewable capacity in place was enough to supply an estimated 23.7% of global electricity." A majority of the new additions to sources of renewable energy in the power sector came through wind, solar and hydropower, according to the BBC.

"Renewables are now established around the world as mainstream sources of energy," the report declares. It attributes the surge in investment and construction to many factors, including the declining cost of renewable technologies, shifting public policy priorities, growing concern about the environment and escalating energy demands in developing and emerging economies.

 Estimated renewable energy share of global electricity production, end-2015
Image: Mic.com

The report also found that for the first time ever, developing economies invested more in renewable power and fuels than developed economies. "The developing world, including China, India and Brazil, committed a total of $156 billion, up 19% compared to 2014," the report states. "China played a dominant role, increasing its investment by 17% to $102.9 billion, accounting for 36% of the global total."

The renewable energy sector also became a bigger provider of jobs around the world, growing in 2015 to include over 8 million jobs.

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