World Added More Solar than Fossil Fuel Power Generating Capacity in 2017: UN Report

Solar power also attracted far more investment, at USD 160.8 billion, up 18 per cent, than any other technology.

Solar energy dominated global investment in new power generation like never before in 2017, a UN report has said.

The world installed a record 98 GW of new solar capacity, which is far more than the net additions of any other technology – renewable, fossil fuel or nuclear.

Solar power also attracted far more investment, at USD 160.8 billion, up 18 per cent, than any other technology. It made up 57 per cent of last year’s total for all renewables (excluding large hydro) of USD 279.8 billion, and it towered above new investment in coal and gas generation capacity, at an estimated USD103 billion.

A driving power behind last year’s surge in solar was China, where an unprecedented boom saw some 53 GW added – more than half the global total – and $86.5 billion invested, up 58 per cent.

According to the report – The Global Trends in Renewable Energy Investment 2018 – which was released by the UN Environment, Frankfurt School – UNEP Collaborating Centre, and Bloomberg New Energy Finance, finds that falling costs for solar electricity, and to some extent wind power, is continuing to drive deployment.

Last year was the 8th in a row in which global investment in renewables exceeded $200 billion – and since 2004, the world has invested $2.9 trillion in these green energy sources.

Commenting on the report, UN Environment, Head, Erik Solheim said, “The extraordinary surge in solar investment shows how the global energy map is changing and, more importantly, what the economic benefits are of such a shift.”

“Investments in renewables bring more people into the economy, they deliver more jobs, better quality jobs and better paid jobs. Clean energy also means less pollution, which means healthier, happier development,” Solheim added.