New renewable energy sources have increased at the fastest rate ever recorded, a new study has shown.
2015 saw more investments in solar, wind and hydropower than ever before according to the Renewable Global Status Report.
According to the report, more than 8 million people are now working within the renewable energy industry, with investment reaching almost £197 billion in 2015 alone.
The increase is likely due to ever-falling renewable energy costs, even in spite of simultaneously falling fossil fuels.
“[Renewables] are the preference for many countries and more and more utilities and investors and that is a very positive signal,” said Christine Lins, Executive Secretary of REN21.
Another surprise comes in the form of developing countries outspending developed nations when it come to renewables, including China spending one third of the global total.
“It clearly shows that the costs have come down so much that the emerging economies are now really focussing on renewables,” said Lins. “They are the ones with the biggest increases in energy demand, and the fact that we had this turning point really shows the business case – and that is really a remarkable development.”
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