Renewable power accounted for 70% of net additions to global power generating capacity in 2017, according to a recent report from REN21 – Renewable Energy Policy Network for the 21st Century. 2017 was another record-breaking one for renewable energy, the report says, characterized by the largest ever increase in renewable power capacity, falling costs, increases in investment and advances in enabling technologies.
From the report’s foreword: “Renewable power generation capacity saw its largest annual increase ever with an estimated 178 gigawatts added globally. New solar photovoltaic generating capacity alone was greater than additions in coal, natural gas and nuclear power combined. China, Europe and the United States accounted for nearly 75% of the global investment in renewable power and fuels, but 2017 also saw significant investment in developing country markets. ... Corporate sourcing of renewable power is also on the rise. Initially many companies saw the adoption of renewable energy solutions mainly as an act of corporate social responsibility. Significant reductions in renewable energy costs, however, as well as maturing market and policy environments, have made renewables cost-competitive and attractive sources of energy in their own right.”
The report also notes that global energy-related carbon dioxide emissions rose 1.4% in 2017, after three years of holding steady. The increase in carbon emissions was the result of robust global economic growth (of 3.7%), lower fossil fuel prices and weaker energy efficiency efforts.
The report is available at no cost at http://www.ren21.net/gsr-2018/.