FALLING COSTS PUSH RENEWABLE INVESTMENT AHEAD OF FOSSIL FUELS

cording to the IEA’s World Energy Investment report,
 investment in electricity finally surpassed investment in oil and gas in 2016, for the first time in recorded history. As spending on new fossil fuel projects fell twenty-six percent in 2016, continuing a trend of declining investment that began with the collapse of prices in 2014, investment in electricity networks, energy efficiency and renewable energy output rose.
The trend comes as the energy sector “prepared for the electrification of everything,” according to one Bloomberg report, 
“from cars to buildings and industrial processes.”
The expansion of the global electricity grid sucked up $718 billion, rising by six percent. Investment in energy efficiency, itself a large source of new electricity, was up by 9 percent. While investment was down overall in renewable energy, this was due largely to falling costs, as capacity additions grew by fifty percent and total output from capacity rose by thirty-five percent.
Total investment in renewables reached $297 billion, down three-percent, and was the largest single part of overall electricity investment. Spending on clean energy was forty-three percent of the total, as carbon emissions stagnated for the third year in a row.
Investment in coal-fired plants was down overall, chiefly as a result of growing concerns about local air pollution in China (by far the largest destination for new energy investment, accounting for one-fifth of the global total), though investment in coal was up in India. While global investment in coal has not ended, it has reached a “pause” according to one observer.
source: Yahoo News

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