China leads global solar boom in 2017

China leads global solar boom in 2017

New clean energy investment worldwide rose by 3 percent last year to $333.5 billion from a year earlier, driven by a surge in solar photovoltaic (PV) installations, research showed.

BNEF said in a statement released along with its report on annual figures based on its database of projects and deals that "After China, the next biggest investing country was the United States, at Dollars 56.9 billion, up 1% on 2016 despite the less-friendly tone towards renewables adopted by the Trump administration."The report shows global investment in renewable energy and energy-smart technologies in 2017 was only 7% short of the record figure of USD 360.3 billion reached in 2015". The figure also means that cumulative spending on clean energy has reached $2.5 trillion since the start of the decade.

"The 2017 total is all the more remarkable when you consider that capital costs for the leading technology - solar - continue to fall sharply".

Global solar investment grew 18 percent in 2017, accounting for 48 percent of total global clean energy investment. 53 gigawatts (GW) of new solar PV capacity was installed in the country. Justin Wu, head of Asia-Pacific at BNEF, explained that these projects aren't subject to government quotas; "Large energy consumers in China are now installing solar panels to meet their own demand", he said.

The country increased its clean energy spending previous year by 24 percent, to a total of $132.6 billion.

More news: Nissan Infiniti to become predominantly electric auto brand: CEO Hiroto Saikawa

Notable increases in clean energy investment were registered in France (up 15% to $5 billion), Brazil (up 10% to $6.2 billion), Sweden (up 109% to $4 billion), the Netherlands (up 30% to $3.5 billion), and Canada, which invested $3.3 billion in clean energy in 2017 - an annual increase of 45%. The next biggest investing country was the US, at $56.9 billion, up 1 percent on 2016 despite the less friendly tone towards renewables adopted by the Trump administration.

The report said two dozen countries invested more than $1 billion in clean energy initiatives in 2017. Most of that money, $86.5 billion, went to solar.

Mexico's clean energy investment ballooned 516 percent to $6.2 billion. Investment also dropped by 16% in Japan to a total of $23.4 billion. The third-biggest sector was energy-smart technologies, where asset finance of smart meters and battery storage, and equity-raising by specialist companies in smart grid, efficiency, storage and electric vehicles, reached $48.8 billion in 2017, up 7 per cent on 2016 and the highest ever. Developers channeled 1 percent more capital into clean energy than the previous year even though Trump worked to gut emissions rules governing power plants. Investment by categoryBreaking the investment total down by type of deal, the dominant category - as always - was asset finance of utility-scale renewable energy projects of more than 1MW. However, the remaining sectors fell far behind with the next closest, biomass and waste-to-energy, down 36% to only $4.7 billion.

"2017 was a breakout year for the Australian Clean Energy sector", said Leonard Quong, a Senior Analyst with Bloomberg New Energy Finance in Sydney.

Related Articles

  • Zimbabwe: Chiwenga, Army General Who Overthrew Mugabe Sworn In As VP

    Zimbabwe: Chiwenga, Army General Who Overthrew Mugabe Sworn In As VP

    The military denied staging a coup and claimed to be acting against "criminals" around Mugabe. Two other top military officials were also awarded ministerial posts earlier this month.
    The GOP House unveils the funding bill to prevent stopping

    The GOP House unveils the funding bill to prevent stopping

    The talks have not yet produced a solution and leaders hope the a stop-gap spending bill will give them more time to reach a deal. Republicans are at least nine votes shy of the 60 needed to advance a bill.
    Alec Baldwin criticises 'unfair' Woody Allen backlash

    Alec Baldwin criticises 'unfair' Woody Allen backlash

    All I can do is speak my truth and hope. "Of course, I did not molest Dylan", he said . She has often criticised Hollywood for not taking her claims seriously.
  • Fishermen leap overboard before being hit by oncoming boat

    Fishermen leap overboard before being hit by oncoming boat

    State laws in the USA ban mobile phone use while driving however there are no specific laws around phone use while boating. Still, Larsen told the Oregonian the lawsuit was uncalled for since the fishermen and woman were not that badly injured.
    Police Report Filed Against Corey Lewandowski for Sexual Assault

    Police Report Filed Against Corey Lewandowski for Sexual Assault

    Despite the fact he was reportedly fired back in June 2017, he was still in the mix at Trump events. Of course, an attack on Lewandowski is not necessarily akin to an attack on the president.
    Darren Criss and 'American Crime Story: Versace' Producers Tease Season 2

    Darren Criss and 'American Crime Story: Versace' Producers Tease Season 2

    But during a subsequent chat with a fellow gay, Cunanan had no problem referring to his and Versace's opera meet-up as a date. The spree ended on 23 July, when Cunanan took his own life on a houseboat, utilising the same gun that had killed Versace .
  • Apple's To Develop New Feature For Indian Customers, Create 4000 Jobs

    Apple's To Develop New Feature For Indian Customers, Create 4000 Jobs

    The ChaiOS hack, which causes devices to crash and can delete all your messages , affects any device running iOS and Mac OS. The message also causes the Safari browser on macOS to crash, and causes other slowdowns, according to the report .
    Japan apologizes for false North Korean missile alert

    Japan apologizes for false North Korean missile alert

    Unlike the mistaken Hawaii warning, the NHK alert did not contain the statement , "This is not a drill". The agency posted a note on Twitter about the false alarm about 10 minutes after the initial alert.
    Australian Open: Maria Sharapova eases by Anastasija Sevastova

    Australian Open: Maria Sharapova eases by Anastasija Sevastova

    Former No. 1-ranked Karolina Pliskova advanced to the second round, beating Veronica Cepede Royg 6-3, 6-4 at Rod Laver Arena. Sharapova often looks like she's still getting her legs under her, and she had trouble closing out her second round victory.
  • Espanyol stun Barcelona in Copa del Rey

    Espanyol stun Barcelona in Copa del Rey

    Barcelona's unbeaten streak continued for five months. "This is the cup, and we have to keep going right to the last". The positive part is that the second leg is at home and we'll try to turn it around.
    Winter weather takes aim at North Carolina

    Winter weather takes aim at North Carolina

    Watch Spectrum News for your latest forecast and find out how this winter storm will effect your area. The snow has gotten a little bit of a later start and will likely last into the late afternoon.

    Unified Korean Olympic hockey team comes with 'mixed feelings' for Canadian coach

    Murray also said she hopes she will not be pressured to field North Koreans in her team unless they earn ice time on merit. The Games will take place between the 9th and 27th February in Pyeongchang, in the north-east of South Korea .