Investments in Renewable Energy Double the Dollars Backing Fossil Fuels
The falling costs of wind and solar power are driving unprecedented interest from investors. The numbers tell the story: the International Energy Agency reports that in 2016, $297 billion was invested in renewable energy, more than twice the $143 billion backing new coal, gas, fuel oil, and nuclear power plants. “The sustained investment is reshaping how the world’s homes and industries are powered,” concludes the Wall Street Journal. And the shift is still gathering speed: renewables make up more than half of the power-generating capacity added in recent years, and are projected to make up 56% of net generating capacity that will be added through 2025, according to IEA figures. Looks like renewables are poised to become the energy of the future—now.
John Howell, Editorial Director