Renewable energy installations grew at a record pace in 2015 with an estimated 147GW of generation capacity added globally, according to a new report.
Investment in the sector also hit a record high, rising by around 5% to US$286bn last year, beating the previous record set in 2011, the Renewables Global Status report found.
The spike was driven by the increased cost competitiveness of green power sources such as wind and solar compared with fossil fuels. The report also cited better access to financing and growing concerns about energy security and the environment among reasons for the rise.
Governments in both developed and developing countries are showing an increased willingness to back renewables, with 173 nations estimated to have had renewable energy targets in place by early 2016, the study said.
Image: Nordex?
Investment splurge spurs RE record
147GW of capacity added in 2015 due to cheap cash and falling costs
By EBS