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GSR 2015

79 03 RENEWABLES 2015 GLOBAL STATUS REPORT 03 INVESTMENT FLOWS Global new investment in renewable power and fuels (not including hydropower projects >50 MW) was USD 270.2 billion in 2014, as estimated by Bloomberg New Energy Finance (BNEF).i This represents a rise of 17% compared to the previous year and the first increase in three years. (p See Figure 25.) Including investments in hydropower projects larger than 50 MW, total new investment in renewable power and fuels was at least USD 301 billion in 2014.ii 1 Note that these estimates do not include investment in renewable heating and cooling technologies. This increase in investment was due in part to a boom in solar power installations in China and Japan, totalling USD 74.9 billion between those two countries, as well as to a record USD 18.6 billion of final investment decisions for offshore wind projects in Europe. Overall, more than a quarter of new investment in renewable energy—some USD 73.5 billion—went to small-scale projects in 2014. Small-scale distributed solar PV is gaining ground in developing countries around the world as an immediate and affordable alternative to centralised, grid-based power systems. Investment in developing countries continued to rise during 2014: it was up 36% from the previous year to USD 131.3 billion. Developing country investment came the closest ever to surpassing the investment total for developed economies, which reached USD 138.9 billion in 2014, up only 3% from 2013. Throughout 2014, renewable energy investment continued to spread to new markets. Chile, Indonesia, Kenya, Mexico, South Africa, and Turkey each invested more than USD 1 billion in renewable energy. Other developing countries—including Jordan, Myanmar, Panama, the Philippines, and Uruguay— were in the USD 500 million to USD 1 billion range. i - This section is derived from UNEP’s Global Trends in Renewable Energy Investment 2015 (Frankfurt: 2015), the sister publication to the GSR, prepared by the Frankfurt School–UNEP Collaborating Centre for Climate & Sustainable Energy Finance (FS-UNEP) in co-operation with Bloomberg New Energy Finance (BNEF). Data are based on the output of the Desktop database of BNEF, unless otherwise noted, and reflect the timing of investment decisions. The following renewable energy projects are included: all biomass and waste-to-energy, geothermal, and wind generation projects of more than 1 MW; all hydropower projects of between 1 and 50 MW; all solar power projects, with those less than 1 MW estimated separately and referred to as small-scale projects or small distributed capacity; all ocean energy projects; and all biofuel projects with an annual production capacity of 1 million litres or more. For more information, please refer to the FS-UNEP/BNEF Global Trends report. Where totals do not add up, the difference is due to rounding. ii - Investment in large hydropower (>50 MW) is not included in the overall total for investment in renewable energy. BNEF tracks only hydropower projects of between 1 MW and 50 MW, but it does make estimates for hydro >50 MW. Figure 25. Global New Investment in Renewable Power and Fuels, Developed and Developing Countries, 2004–2014 Source: See Footnotes i and ii for this section. World Total Developed Countries Developing Countries 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Figure 25. Global New Investment in Renewable Power and Fuels, Developed and Developing Countries, 2004–2014 300 250 200 150 100 50 45 73 112 154 182 178 237 279 256 232 Billion USD Does not include investment in hydropower > 50 MW 270 billion USD 36 53 83 108 121 113 162 190 149 135 139 9 20 29 46 61 66 75 89 107 97 131 20042005200620072008200920102011201220132014 182178

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