Despite a significant drop in global renewable energy investment last year, a corresponding rise in renewables deployment spelled encouraging news for the sector, according to a new UN Environment Programme (UNEP) report entitled ‘More Bang for the Buck’.
The drop in investment did not demonstrate a lowering of interest in the technologies, but instead came as an indicator that the costs of renewables are coming down. Indeed, during 2016 there was a 10% drop in average cost per megawatt for setting up solar PV and wind projects. Moreover, investment in renewables was roughly double the amount invested in fossil fuel generation – its highest proportion to date.
