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REN21 10 Years Report - Ten Years of Impact

15 RENEWABLES 2014 GLOBAL STATUS REPORT 2014 Ten Years of Impact 3The rapid growth of renewable energy markets throughout the world resulted in significant investment volumes, in creation of jobs as well as in a significant reduction of renewable energy cost due to economies of scale, thereby opening new markets for renewable energy technologies in developing countries where there is strong need for new generation capacities and where energy demand is increasing. Evolution of Global Investment in Renewable Energy: A decade retrospective Global new investment in renewable power and fuels grew steadily from USD 39.5 billion in 2004 to USD 279.6 billion in 2011. Investment decreased in 2012 from this all time high down to USD 249.5 billion and further decreased to USD 214.4 billion in 2013. Total investment decreased by 11% in 2012 and was down 23% in 2013, in comparison to 2011 levels. Thisdeclineininvestment—afterseveralyearsofsteadygrowth— resulted from uncertainty over support policies in Europe and the United States, as well as from actual retroactive reductions in support. However the decrease in investment also resulted from a sharp reduction in technology costs—especially solar PV. Even as global investment in solar PV in 2013 declined nearly 22% relative to 2012 levels, new capacity installations increased by more than 32%. These steep cost reductions in the wind and solar PV sectors make renewables attractive for new markets, particu- larly in developing countries where there is strong need for new electricity generation capacities to satisfy increasing energy demand. Figure 6: Global Investment, 2004 – 2013 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 USA billion USD 5.7 11.9 28.2 34.5 36.2 23.2 34.7 53.4 39.7 35.8 America (excl. USA and Brazil) billion USD 1.4 3.4 3.4 5.0 5.6 5.9 11.5 8.7 9.9 12.4 Brazil billion USD 0.5 2.2 4.2 10.3 12.5 7.9 7.7 9.7 6.8 3.1 Middle East and Africa billion USD 0.6 0.6 1.2 1.7 2.7 1.7 4.3 3.2 10.4 9.0 Europe billion USD 19.6 29.4 38.4 61.7 72.9 74.7 102 115 86.4 48.4 India billion USD 2.4 3.2 5.5 6.3 5.2 4.4 8.7 12.6 7.2 6.1 China billion USD 2.6 5.8 10.2 15.8 25.0 37.2 36.7 51.9 59.6 56.3 Asia and Oceania (excl. India and China) billion USD 6.7 8.3 8.9 11.0 11.5 13.2 20.7 25.3 29.5 43.3 Total billion USD 39.5 64.8 100 146.3 171.6 168.2 226.7 279.6 249.5 214.4 Table 3: Global Investment in Renewable Energy by Region, 2004 – 2014 Note: Data include government and corporate R&D. Source: BNEF and UNEP. Reference see endnotes. 2004200520062007200820092010201120122013 USA billion USD 5.711.928.234.536.223.234.753.439.735.8 America (excl. USA and Brazil) billion USD 1.43.43.45.05.65.911.58.79.912.4 Brazil billion USD 0.52.24.210.312.57.97.79.76.83.1 Middle East and Africa billion USD 0.60.61.21.72.71.74.33.210.49.0 Europe billion USD 19.629.438.461.772.974.710211586.448.4 India billion USD 2.43.25.56.35.24.48.712.67.26.1 China billion USD 2.65.810.215.825.037.236.751.959.656.3 Asia and Oceania (excl. India and China) billion USD 6.78.38.911.011.513.220.725.329.543.3 Total billion USD 39.564.8100146.3171.6168.2226.7279.6249.5214.4

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