Investments previously made in the sector including small hydro-electric projects were $227 billion in 2010, $168 billion in 2009, $172 billion in 2008, $146 billion in 2007 and $100 billion in 2006, according to the 2013 Global Trends in Renewable Energy Investment published by the United Nations Environment Programme (UNEP) this month.
The report attributed the cut in investments to “ongoing renewable energy policy instability in important developed-economy markets”.
According to the report, renewable energies have rapidly become a vital part of the global energy mix and account for an ever-growing share of electric capacity added worldwide.
The report noted that total renewable power capacity worldwide exceeded 1,470 gigawatts in 2012, up 8.5% from 2011.
“Wind power accounted for about 39% of renewable power capacity added followed by hydropower and solar, which each accounted for approximately 26%,” it added.
UNEP says solar capacity reached the 100 gigawatts milestone, surpassing bio-power to become the third largest renewable technology in terms of capacity in operation, after hydro and wind.
By Ekow Quandzie