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Technology costs reduce investment levels
The 2017 Global Renewable Energy Investment Trend Report shows that wind, solar, biomass and waste conversion energy, geothermal energy, small hydropower and ocean energy will increase the installed capacity of global electricity by 138.5 GW in 2016, compared to 2015. The 127.5 GW is up 9%, and the new installed capacity is roughly equivalent to the total installed capacity of the 16 largest power generation facilities in the world. It is reported that in 2016, the global investment in renewable energy installed capacity is about twice that of fossil fuels, and the corresponding new renewable energy installed capacity accounts for 55% of all new energy, which is the highest level to date.
It is worth noting that the total investment in renewable energy in 2016 was US$241.6 billion (excluding large hydropower), the lowest level since 2013. The decline in investment levels is mainly due to lower technology costs: the average capital expenditure per megawatt of solar photovoltaic energy and wind power energy is reduced by more than 10% in US dollars. It is reported that the total investment in new solar energy last year was 113.7 billion US dollars, down 34% compared with the highest level in 2015, but the installed capacity of solar power generation reached a record high of 75 GW. Wind energy's global investment reached US$112.5 billion, down 9% year-on-year. At the same time, wind power installed capacity dropped from 63 GW last year to 54 GW this year.
Eric Solheim, Executive Director of UNEP, pointed out: "Ultra-low-cost clean energy technology provides investors with the opportunity to generate more revenue with less investment, which meets both profit and demand. The situation will push the world to a better direction.†In addition, Professor Udo Steffens, President of the University of Finance and Economics in Frankfurt, made a clear statement when commenting on record acquisitions in the clean energy sector (up 17% year-on-year to $110.3 billion). "Investors' hunger for investment in existing wind and solar power is a powerful signal for the world's transition to renewable energy generation."
The investment level of some markets has declined, but the annual installed capacity is still rising.
Although the main reason for the decline in renewable energy investment is the decline in technology costs, the report also pointed out that there are other reasons for the slowdown in renewable energy investment in China, Japan and some emerging markets.
The level of renewable energy investment in developing countries fell by 30% year-on-year to US$117 billion, and the level of renewable energy investment in developed countries fell by 14% year-on-year to US$125 billion. China's renewable energy investment level fell 32% to 78.3 billion US dollars, interrupting the 11-year rise.
Due to lower than expected growth in electricity demand, coupled with delays in auctions and financing, Mexico, Chile, Uruguay, South Africa and Morocco have all experienced more than 60% decline in investment in renewable energy. Jordan’s investment level has grown by 148% to $1.2 billion, making it one of the few new markets to go against the trend.
As US developers deliberately delay the construction period in order to profit from the renewal of the five-year tax credit policy, the US renewable energy investment of 46.4 billion US dollars is less than 10% of the committed investment. Japanese investment levels fell 56% to $14.4 billion. Michelle Lebsch, chairman of the Bloomberg New Energy Finance Advisory Committee, pointed out: "There was always a question about 'Can renewable energy be competitive in power generation in one day?'" It is understood that the cost of technology has dropped significantly over the past few years. In a growing number of countries, wind and solar power can provide the lowest cost of electricity to the grid without subsidies, even in developing countries – sometimes the cost of new energy technologies is even half that of traditional energy sources.
Revenue in the renewable energy sector is generally stable
According to the latest data from the International Energy Agency (International Energy Agency), the transition to the renewable energy sector will keep greenhouse gas emissions in 2016 unchanged for 3.1% of global economic output, and this is the third consecutive year to achieve greenhouses. Gas emissions have grown at zero.
Overall, investment in renewable energy has not declined. European renewable energy investment grew by 3% to $59.8 billion year-on-year, driven by the UK ($24 billion) and Germany ($13.2 billion). Offshore wind energy ($25.9 billion) grew 53% year-on-year, accounting for the dominant position of European renewable energy investment, thanks to the development of many large projects, such as the $5.6 billion, North Sea Horn, UK with 1.2 GW of installed capacity. West project. China has also invested $4.1 billion in offshore wind energy, the highest amount ever.
Another positive sign is that in energy auctions, global bidding prices for solar and wind energy are as low as unimaginable a few years ago. The price of solar energy at $29.10 per megawatt hour in Chile and the price of onshore wind power at $30 per megawatt hour in Morocco set a record last year.
Cost reduction drives global renewable energy installed growth
Recently, the UN Environment Agency, the Frankfurt University of Finance and Economics-UNEP Collaborating Center and Bloomberg New Energy Finance released the 2017 Global Renewable Energy Investment Trend Report. The data shows that although the level of investment in the renewable energy sector declined in 2016 compared to 2015, the world's renewable energy installed capacity still recorded a record growth as the cost of clean energy technology continued to decline.