Investors Chip in as Renewables Rise Towards Record Level

Carbon dioxide levels might be soaring, and governments might be slow to reduce fossil fuel emissions and contain climate change − but the smart money could nevertheless be going into renewable sources such as wind and solar power.

The United Nations Environment Programme (UNEP) says green energy investments rose by 17% in 2014 to reach a total of $270bn − the first annual increase in three years, and just 3% behind the all-time record set in 2011 of $279bn.

In 2014, renewable energies added 103 gigawatts to global capacity.  This is roughly equal to the output of all 158 nuclear power reactors in the US.

Wind, solar, biomass, waste-to-power, geothermal, small hydro and marine power contributed an estimated 9.1% of world electricity generation in 2014.  This also represents a notional saving in carbon dioxide emissions of 1.3 gigatonnes, which is about twice what pours from the exhausts of the world airlines.

Markets mature
“Once again in 2014, renewable made up nearly half the power capacity added worldwide,” said Achim Steiner, executive director of UNEP.

“These climate-friendly energy technologies are now an indispensable component of the global energy mix and their importance will only increase as markets mature, technology prices continue to fall and the need to rein in carbon emissions becomes ever more urgent.”

But, according to scientists backed by the Carnegie Institution, there is much more that could be done.  A team led by Earth system scientists Rebecca Hernandez, now of the University of California Berkeley, reported in Nature Climate Change that solar energy alone could meet the demands of the state of California in the US up to five times over.

Solar power systems based on photovoltaics could generate up to 15,000 terawatts of energy a year.  And mirror-driven concentrating systems could add another 6,000 terawatt hours.

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