According to a report released by the United Nations Environment Programme (UNEP) on May 5, China has been the world's largest investor in renewable energy in the past 10 years, topping the list with $758 billion in investment from 2010 to the first half of 2019.
The report, Global Trends in Renewable Energy Investment 2019, was published by the United Nations Environment Programme, the Frankfurt Institute-United Nations Environment Programme Cooperative Centre for Climate and Sustainable Energy Finance and the Bloomberg New Energy Finance and Economic Cooperation, with the support of the Federal Ministry of Environment, Nature Conservation and Nuclear Security of Germany.
In the same period, the United States ranked second with $356 billion in renewable energy investment, Japan ranked third with $202 billion, and Europe with $698 billion in renewable energy investment, with Germany contributing the most, reaching $179 billion and Britain with $122 billion, according to the report.
Over the past decade, global renewable energy production (excluding large hydropower) has increased from 414 gigawatts (GW) to 1650 gigawatts, which is expected to quadruple by the end of 2019, according to the report. During this period, solar energy investment reached $1.3 trillion, accounting for half of the world's total investment in renewable energy of $2.6 trillion. By the end of 2019, global solar power capacity is expected to reach more than 26 times the level of 2009, i.e. from 25 gigawatts to 663 gigawatts. In addition, in 2018, the global investment in renewable energy capacity reached $272.9 billion, three times the investment in fossil fuel power generation; in that year, renewable energy generated 12.9% of the total global power generation, reducing carbon dioxide emissions by 2 billion tons.
The report also points out that the cost competitiveness of renewable energy has been increasing over the past 10 years. Since 2009, the cost of photovoltaic leveling power has decreased by 81% and onshore wind power by 46%.
Inger Andersen, Executive Director of the United Nations Environment Programme, said that the "rocket-like" growth in renewable energy development over the past 10 years showed that "investing in renewable energy is investing in a sustainable and profitable future".
"But we can't lie in the book of merit and be complacent. You know, in the past 10 years, the global electricity industry's carbon emissions have increased by about 10%. Obviously, if we want to achieve the global climate and development goals, we need to step up the transition to renewable energy. Eng Anderson reminds me.