More economies are turning to renewable energy to meet their power needs with a record 135 gigawatts of capacity added last year, according to a study by Paris-based clean energy advocacy group Ren21.
In its Global Status Report, the group said renewable energy grew by 8.5% in 2014 and now account for more than a quarter of world's electricity-generating capacity. The report said it was the fifth straight year that the growth of renewable energy capacity outpaced that of fossil fuel plants.
The report estimated that $270 billion were spent worldwide to build energy capacity for wind, solar, hydropower and other natural sources, more than double that of what was invested for fossil fuel power. The investment created 7.7 million direct and indirect jobs in the green energy industry.
The study also noted that China, the world's biggest user of coal, is leading the way in renewable energy having spent $83 billion to build more energy facilities to power its economy. It added that China, which faces various environmental challenges related to its use of coal, has become the leader in solar power and is climbing up the ranks in wind power use.
Other developing economies are growing their green energy portfolio, with their combined investments of S131 billion in 2014, almost matching the amount spent by developed countries for renewables last year. UK website BusinessGreen noted that more countries are turning to renewable energy as authorities put in place policies to support green enegy.
Ren21 said the development bodes well for sustainable development as it allows economies and energy use to rise worldwide without pulling up carbon dioxide emissions. An Associated Press report on Thursday cited data from the International Energy Agency that showed carbon emissions was flat despite a 3% growth in the global economy.
REN 21 called for the removal of subsidies for fossil fuels, which it said hampers the growth of renewable energy as these keep prices artificially low.
