Global investments in renewable energy increased 2% in 2017 to $279.8 billion, bringing cumulative investments in renewable energy since 2004 to $2.9 trillion. 2017’s rise in investments is largely due to the declining costs of wind and solar energy, allowing for megawatts of renewable energy equipment to be purchased for record low prices.

China was, by far, the leader in renewable energy investment in 2017, accounting for $126.6 billion, or 45%, of the worldwide total. In 2017, 53 GW of solar energy units were installed in China, along with solar energy investments of $86.5 billion. Investments in Mexico, Australia and Sweden soared in 2017, spiking a dramatic 810%, 147% and 127% to $6 billion, $8.5 billion and $3.7 billion, respectively. Similarly, renewable energy investments in Egypt and the United Arab Emirates jumped almost 6-fold to $2.6 billion and 29-fold to $2.2 billion, respectively.

In contrast, renewable energy investments in the US decreased 6% to $40.5 billion, with the decline mostly due to uncertainties regarding environmental policies. Europe’s investments in renewable energy declined more dramatically, dropping 36% to $40.9 billion. This is largely due to the post-Brexit landscape of Britain, as investments in the UK fell 65% to $7.6 billion, as well as prolonged gaps between new offshore wind projects.

Source: Frankfurt School-UNEP Collaborating Center for Climate & Sustainable Energy Finance