A global retrospect on renewables 2018
The figures on clean energy have been presented by Bloomberg NEF.
Over 300 billion dollars
Last year, once again, more than 300 billion dollars have been invested worldwide in clean energy. Although the investments had decreased slightly, the generated energy from the projects were higher than ever before.In the field of wind energy, an increase in funding can be seen in 2018. A growth of almost 3% was reported in both off-shore and on-shore compared to the previous year.
Renewable energy investments get more lucrative
Partly thanks to the decreasing costs of the production of parts, the price per MW is declining. Therefor the return on investment in renewable energy pays back more quickly than ever before.
Worst year for new installations in the UK
The UK onshore wind industry recorded its worst year for new installations in almost a decade in 2018 with 598MW significantly down on the over 2.6GW installed in 2017, according to new figures from RenewableUK. The 2018 haul was the lowest level since 2011.
The authorities are stalling the progress
RUK blamed government policy changes for the return including the closure of the Renewables Obligations and the barring of access to the technology for Contracts for Difference auctions.
4.5GW in onshore wind projects remain on the shelf
Executive Director of RenewableUK, Emma Pinchbeck said there is 4.5GW of “ready-to-go” onshore wind that can be delivered to “close the gap between the low carbon power we need and the amount UK’s Government policy is actually delivering”. This is 4.5GW solely for the UK projects which are retained.
A global oppoptunity
This phenomenon applies to more governments world-wide. In order to achieve all the objectives that we have all agreed together in the Paris Agreement, applicated projects must proceed faster by the authorities.
This year it’s time for governments to grasp this grand opportunity to take a great leap in renewable energy coverage.
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