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 […]

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By Taryn Nixon

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.