2014: A Record Year for Renewable Energy

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Renewable energy recorded a record year in 2014, with the addition of 135 gigawatts (GW) of generation capacity, an increase of 8.5%.

Launched at the recent Vienna Energy Forum, the Renewables 2015 Global Status Report, from industry expert group REN21 (Paris, France), highlighted how renewable energy projects accounted for 59% of net additions to the world's power capacity last year. At the close of 2014, renewables accounted for an estimated 27.7% of the world's power-generating capacity, with a total capacity of 1,712 GW.

By dollars spent, the leading countries for investment were China, the U.S., Japan, the U.K. and Germany. The leading countries in terms of capacity were China, the U.S., Brazil and Germany, with Spain and Italy sharing fifth spot.

REN21 found that new investment in renewable power and fuels globally (not including hydropower facilities of more than 50 MW) increased 17% over 2013, to $270.2 billion. Including large-scale hydropower, new investment in renewable power and fuels topped $301 billion. Investment in developing countries was up 36% from the previous year to $131.3 billion. China accounted for 63% of developing country investment, making 2014 the year when investment from developing countries almost overtook that of developed nations for the first time.

Investment in renewable power capacity was more than twice that of investment in net fossil fuel power capacity. This is the fifth year running that investment in renewables has outpaced fossil fuel-based power investment, REN21 said.

REN21 claimed that renewables could grow faster if the more than $550 billion in annual subsidies for fossil fuel and nuclear energy were removed.

Christine Lins, executive secretary of REN21, argued: "Creating a level playing field would strengthen the development and use of energy efficiency and renewable energy technologies. Removing fossil-fuel and nuclear subsidies globally would make it evident that renewables are the cheapest energy option."

Wind energy set a new record in 2014 with the addition of 51 GW of capacity--a 44% increase from 2013. This brought the global total to 370 GW. A record 40 GW of solar power capacity was installed in 2014, bringing raising total global capacity to 177 GW. There was an estimated 37 GW of new hydropower capacity commissioned last year, to raise its total to about 1,055 GW.

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