Investments in renewables now double those in fossil fuels

Investments in renewables now double those in fossil fuels

Editorial Staff
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$286 billion were invested in wind and solar energy in 2015, a significant increase due mainly to decrease in production costs. A significant increase especially in developing economies

The renewables sector saw a sharp rise in new investments during 2015. In total, $286 billion dollars have been injected into the industry, the highest value to date. According to Bloomberg, the main drivers have to do with the steadily dropping costs of generating energy from alternative sources. Additionally, for the first time in history, investments in renewables in developing countries outpaced those in so-called “advanced economies.” An important example can be found in Mexico and Morocco, where the latest tenders for wind and solar energy projects have been awarded to businesses that are set to produce energy at the cheapest rates in the world. According to Michael Liebreich, an analyst for Bloomberg, this fact is particularly significant when one considers the heavy decrease in oil prices.