Monday 19 January 2015

Renewable energy gathering momentum globally

Renewable energy is closing the gap if ever so slightly on fossil fuel generation.

The Institute for Energy Economics and Financial Analysis (IEEFA), which provides a summary of the recent global electricity market found that last year, solar energy rose by 20% to a record 46-48 gigawatts (GW). This is equivalent to around 16 million homes.

Wind power was also up by 40% to 46GW with China and America leading the way with new installations.

Tim Buckley, Director of Energy Finance Studies, of IEEFA said: “Globally, 2014 was the year of the renewable energy installation juggernaut.

“With the notable exception of Australia, where policy uncertainty served as an effective hand-brake, wherever you look around the globe, be it China, India, Europe or the US, the trend of a rapidly expanding renewable energy industry is the same.”

The value of the global renewable investments increased by 12% in 2014, a third higher than the previous year.