When competition replaces regulation, tariffs drop drastically. PHOTO: AFP
The new energy - mainly from wind and solar installations, but not including large hydro projects - was up 8% from the previous year, on global investment of $242 billion.
Investment in fossil fuel-based energy was approximately half that amount in 2016, according to a report jointly published by UN Environment and Bloomberg New Energy Finance (BNEF). "Ever-cheaper clean tech provides a real opportunity for investors to get more for less," said UN Environment Executive Director Erik Solheim.
The renewables capacity brought online in 2016 is equivalent to that of the world's 16 largest power producing facilities combined. The new figures come a day after Europe's energy utilities dealt a body blow to the coal industry by pledging that no new coal-fired power plants would be built after 2020.
National energy companies from 26 or the European Union's 28-nations - with the exception of Poland and Greece - joined the initiative, announced in Brussels. "With power supply becoming increasingly clean, electric technologies are an obvious choice for replacing fossil fuel-based systems to reduce greenhouse gases," said EURELECTRIC President Antonio Mexia.
Published in The Express Tribune, April 8th, 2017.
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