Renewable Energy Records Obliterated in 2015

2015 has proved to be a very successful year for the clean energy sector, with the largest ever increase in renewable power being instigated last year. The most recent global status report from REN21 shows that spending on renewables outstripped coal and gas by a significant margin, while the year’s increase in clean supply is more than the entire energy generation of the African continent.

The upsurge in the renewable market has come as a result of dwindling fossil fuel supples and fears about climate change and its imminent effects, which can only have been bolstered by the COP21 climate change talks in Paris in December.

Increased investment, increased energy

At the close of 2015, clean energy investment had skyrocketed to $286 billion (roughly £198 billion), which was more than twice as much as was spent on coal-fired and gas-fired generators ($130 billion, or £90 billion). This led to an increase of 147GW of available renewable power in one year alone – which is more than Africa produces from all energy means throughout the whole continent.

A striking aspect of the clean energy revolution is that 2015 signalled the first year that developing nations spent more on renewables than richer countries. China contributed approximately a third of the total investment figure, while Honduras, Jamaica, Mauritania and Uruguay also pledged significant funds (relevant to their GDP).

Indeed, Latin America as a whole made impressive targets in terms of its clean energy goals in the coming years, while Africa also signalled its intent to reduce carbon emissions (largely through wood-burning private stoves and the suchlike).

Europe falls behind

By contrast, Europe fell behind its more economically-challenged neighbours in terms of clean energy investment. Overall, investment fell by 21% across the continent, largely due to the withdrawal of government subsidies and the relaxation of certain targets.

Jean-François Fauconnier, renewables policy coordinator at Climate Action Network Europe, has criticised the European effort and said the REN21 report should act as a wake-up call. “The EU is at risk of missing the ongoing energy revolution and lagging behind other leading economies for decades,” he said.

Though Britain produced a record 25% of its energy from renewables in 2014, and saw a further 25% rise in investment last year, it’s expected that the Conservative government’s decision to roll back subsidies for solar power and wind farms will greatly harm funding over the coming months and years. In order to keep up the clean energy revolution that is taking place in the rest of the world, the UK and the EU must be more ambitious in their targets and their spending.

Record figures come in the face of adversity

While European renewable investment may have been curbed by the cutting of subsidies, the same cannot be said for the US or across the rest of the world. In fact, it’s quite incredible that the renewable sector is enjoying such a purple patch at a time when gas and coal are at record low prices.

“What is truly remarkable about these results is that they were achieved at a time when fossil fuel prices were at historic lows, and renewables remained at a significant disadvantage in terms of government subsidies,” said Christine Lins, head of REN21. “For every dollar spent boosting renewables, nearly four dollars were spent to maintain our dependence on fossil fuels.”

Hopefully the impressive track record for 2015 is a sign of things to come in the rest of the decade – and with 173 nations now locked into clean energy targets, the future is looking greener than ever.