For the fifth year in a row global investments in clean energy exceeded $300 billion in 2018. According to BNEF, last year saw an 8 percent reduction in clean energy investment compared to 2017, the first time we have seen a year over year decline in a long time.
Although last year set a record for new photovoltaic capacity surpassing 100GW for the first time, the sector also fell 24 percent to $130.8 billion in 2018 due at least in part to declining capital costs. The Chinese decision to restrict access to the feed in tariff contributed to a 53 percent reduction in Chinese solar ($40.4 billion).
Some of the biggest solar projects took place in the MENA region, with Morrocco topping the list with the $2.4 billion, 800MW NOORm Midelt PV and solar thermal portfolio in Morocco.
Wind investments rose 3 percent to 128 billion and offshore wind had it second best year ever attracting $25.7 billion, up 14 percent over the previous year. Europe’s $3.3 billion, 950MW Moray Firth East array in the North Sea was the biggest but there were five other billion plus offshore wind projects in Europe. However, China is emerging as the biggest wind market. Onshore wind saw $100.8 billion worth of global investment in 2018, up 2 percent. Onshore wind projects were led by the $1.4 billion 706MW Enel Green Power South Africa portfolio.
China was the global clean energy investment leader, but 2018 was down 32 percent compared to the year before due to declining values.
The Ongoing Prodigious Growth of Renewables
MENA’s Renewable Energy Leadership
The Transition Away from Fossil Fuels to Renewables is Well Underway
Clean Energy from Renewable Sources is the Answer but Government Policies are a
Declining Battery Storage Costs are Helping Renewables
The Dream of 100 Percent Renewable Energy is Alive and Well