Renewable energy sources such as wind farms, solar farms and hydropower sources were built at a record pace in 2015 according to a new report. The amount invested in Renewable Energy was also double what was spent on coal and gas power stations. The reports results were gathered prior to the climate change agreement in Paris at the end of 2015, an agreement which is expected to increase spending on renewable energy due to carbon emission targets being set.
A huge finding in the report was also that developing countries spent more than developed countries on investing in renewable energy for the first time. It is believed that this is due to the falling cost of renewable energy. The reports authors state that this is evidence that renewable energy is becoming more attractive to investors, as the price of fossil fuels has also been falling for the past 18 months, however investment in green energy has continued to increase.
The four countries that added the largest share of renewable energy in 2015 was China, the United States, Japan and the United Kingdom. This will come as a surprise to some, as the UK has cut subsidies on some forms of renewable energy by as much as 60%, proving the industry which employs 8 million people worldwide could be more resilient than some may suggest.