Such heavy investment is encouraging news. 2015 beat all sorts of records for renewable energy investment, and one of the biggest surprises was that it was the developing world leading the charge. In absolute terms, China was by far the biggest player, with a cool $103 billion poured into renewable energy sources. That’s nearly 40% of total world expenditure!
However, in comparison to overall wealth, it was Mauritania, Honduras and Uruguay that topped the tables as the world’s biggest investors. The fact that poorer countries like these are investing so heavily in renewables is more than a little embarrassing for richer regions like Oceania, Europe, the US. Clearly, it’s time for us to step up!
What’s striking about the rise of renewable energy is that the investment came at a time when the technology was still relatively expensive, and oil prices were at an all-time low. With costs of renewable energy production continuing to fall, just think what the picture might look like in five or 10 years!