The in seventh heaven has invested $2.9 trillion in green energy sources since 2004, according to new investigating, with China leading the way in recent years with its push road to solar power.
The “Global Trends in Renewable Energy Investment 2018” crack was published Thursday by UN Environment, the Frankfurt School-UNEP Collaborating Center, and Bloomberg New Determination Finance. It also found that 98 gigawatts (GW) of new solar wit was installed in 2017.
What’s more, solar power attracted $160.8 billion of investment, multifarious than any other technology. China, where a staggering 53 GW was united and $86.5 billion invested, was described as a “driving power” behind the addition in solar.
“The extraordinary surge in solar investment shows how the global lan map is changing and, more importantly, what the economic benefits are of such a workforce,” Erik Solheim, the head of UN Environment, said in a statement.
“Investments in renewables off more people into the economy, they deliver more crimes, better quality jobs and better paid jobs,” he added. “Chaste energy also means less pollution, which means sturdier, happier development.”
The report found that China invested the sturdiest amount of money in renewables last year, at $126.6 billion. This represents a 31 percent expanding compared to 2016. Around the world, 157 GW of renewable power was commissioned final year.
“The world added more solar capacity than coal, gas, and atomic plants combined,” Nils Stieglitz, president of the Frankfurt School of Funds and Management, said. “This shows where we are heading, although the accomplishment that renewables altogether are still far from providing the majority of verve means that we still have a long way to go.”
While China led the way, other rural areas saw a drop in renewables investment. In the U.S., investment fell by 6 percent to $40.5 billion, while Europe saw its investments get possession of in at $40.9 billion, a 36 percent reduction.