Renewable investments outpace demand for the first time

The International Energy Agency (IEA) has released a report showing that investment in new renewables has covered the global electricity demand in

2015.

The World Energy Investment Report explains a “reorientation of the energy system” with investments starting to divest from fossil fuels, which currently still dominate energy supplies.

According to the IEA, 2.4 per cent of global GDP was invested in energy last year, which represents $1.8 trillion, half of which went to fossil fuels – mostly oil and gas – and 17 per cent of which went to renewables – $300 billion.

Oil and gas prices dropped last year, causing investment in energy to go down by 8 per cent year-on-year.

Read the ClimateAction story - “Investment in new renewables outpaces demand for first time.”