Acknowledgements

REN21's Renewables Global Status Report series contributes to the objectives of the UN Secretary-General’s Sustainable Energy for All by providing the latest data on: the development and uptake of renewable energy; the evolution of distributed renewables for energy access; and energy efficiency’s contribution to achieving sustainable energy access for all. REN21 is a recognised partner of SEforALL.

The Global Trends in Renewable Energy Investment report (GTR) is jointly prepared by the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance, Bloomberg New Energy Finance and UN Environment. The Global Trends in Renewable Energy Investment report, formerly Global Trends in Sustainable Energy Investment, was produced for the first time in 2007 under UN Environment’s Sustainable Energy Finance Initiative (SEFI). It grew out of efforts to track and publish comprehensive information about international investments in renewable energy. The latest edition of this authoritative annual report tells the story of the most recent developments, signs and signals in the financing of renewable power and fuels. It explores the issues affecting each type of investment, technology and type of economy.

The GTR is the sister publication to the REN21 Renewables Global Status Report. The latest edition of the GTR, supported by the German Federal Ministry of Environment, Nature Conservation and Nuclear Safety, was released in April 2018 and is available for download at www.fs-unep-centre.org.

This report was commissioned by REN21 and produced in collaboration with a global network of research partners. Financing was provided by the German Federal Ministry for Economic Cooperation and Development (BMZ), the German Federal Ministry for Economic Affairs and Energy (BMWi) and UN Environment. A large share of the research for this report was conducted on a voluntary basis.

SIDEBAR AUTHORS

Rabia Ferroukhi (IRENA)

Celia Garcia (IRENA)

George Kamiya (International Energy Agency – IEA)

Arslan Khalid (IRENA)

Luis Munuera (IEA)

Michael Renner (IRENA)

Michael Taylor (IRENA)

REGIONAL CONTRIBUTORS

Central and East Africa

Rafael Diezmos (African Solar Designs)

Fabrice Fouodji Toche (Global Village Cameroon)

Allan Kinuthia (African Solar Designs)

Dorcas Wairimu (African Solar Designs)

Europe

Robert Fischer (Luleå University of Technology)

Latin America and Caribbean

Gonzalo Bravo (Fundación Bariloche)

Julio Eisman (Fundación ACCIONA Microenergía)

Lucas Furlano (Fundación Bariloche)

Peter Krenz (Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH – GIZ)

Middle East and North Africa

Tarek Abdul Razek (Regional Center for Renewable Energy and Energy Efficiency – RCREEE)

Eman Adel (RCREEE)

Akram Almohamadi (RCREEE)

Sonia Al Zoghoul (RCREEE)

Oceania

Atul Raturi (University of the South Pacific)

Southern Africa

Joseph Ngwawi (Southern African Research and Documentation Centre)

West Africa

Jafaru Abdul Rahman (ECOWAS Centre for Renewable Energy and Energy Efficiency – ECREEE)

Hannes Bauer (ECREEE)

Daniel Paco Abenza (ECREEE)

Afghanistan

Mojtaba Haidari (Ministry of Energy and Water)

Albania

Erlet Shaqe (Albania Energy Association)

Algeria

Samy Bouchaib (Centre de Développement des Energies Renouvelables)

Argentina

Gastón A. Turturro (Universidad de Buenos Aires)

Roque Pedace (can-la, INforSE)

Armenia

Anita Eisakhani

Australia

Veryan Hann (University of Tasmania)

Bangladesh

Syed Ahmed (Rahimafrooz Renewable Energy Ltd.)

Md. Tanvir Masud (Sustainable and Renewable Energy Development Authority)

Belarus

Hanna Berazanskaya (Belarusian Heat and Power Institute)

Vladimir Zui (Belarusian State University)

Belgium

Eros Artuso (ProQuest Consulting Ltd.)

Michel Huart (APERe)

Dirk Vansintjan (REScoop.eu)

Benin

Todeman Assan (General Direction of Energy)

Olola Vieyra-Mifsud

Bolivia

Franklin Molina Ortiz

Juan Pablo Vargas-Bautista (Private University of Bolivia)

Ramiro Juan Trujillo Blanco (Transtech)

Bosnia and Herzegovina

Slađana Božić and Admir Softic (Ministry of Foreign Trade and Economic Relations of Bosnia and Herzegovina)

Eldar Hukić (Regulatory Commission for Energy in the Federation of Bosnia and Herzegovina)

Brazil

Yasmini Bianor Canali Dopico (Oldenburg University)

Suani Coelho (University of São Paulo)

Javier Escobar (University of São Paulo)

Philipp-Georg Hahn (AHK Rio de Janeiro)

Julio Cesar Madureira Silva (Instituto Federal do Espírito Santo)

Gustavo Luís de Souza Motta (Ministry of Mines and Energy)

Camila Ramos (Clean Energy Latin America)

Can Soysal (Lund University)

Brunei Darussalam

Abdul Matiin Kasim (Brunei National Energy Research Institute)

Bulgaria

Ralitsa Nikolova (Sofia University)

Cameroon

Patrick Atouda Beyala (SOAS University of London)

Sama Dudley Achu (Valdas & Co. Ltd)

Canada

Michael Paunescu (Natural Resources Canada)

Sven Scholtysik (University of Victoria)

Chile

Maurianny Garcia (Pontifical Catholic University of Chile)

Jonathan Guerrero

China

Frank Haugwitz (Asia Europe Clean Energy (Solar) Advisory Co. Ltd.)

Sarah Tang (Chinese Renewable Energy Industries Association)

Helena Uhde (Beijing Institute of Technology)

Chinese Taipei

Gloria Kuang-Jung Hsu (National Taiwan University)

Colombia

Victor Fuertes (Universidad Autónoma de Occidente – UAO)

Javier Galvan (Colombian Council for Energy Efficiency)

Juan Camilo Gómez Trillos (Oldenburg University)

Javier Rodriguez

Juan Sebastian Pfeiffer (SEOS Energy)

Dominican Republic

Yderlisa Castillo (National Energy Commission – CNE)

Francisco Cruz (CNE)

Ecuador

Sebastian Espinoza (Instituto Nacional de Eficiencia Energética y Energías Renovables)

Rafael Soria (Escuela Politécnica Nacional)

Egypt

Assem Korayem (Solar Energy Development Association)

France

Romain Mauger (University of Groningen)

Romain Zissler (Renewable Energy Institute)

Gabon

Patrick Atouda Beyala (SOAS University of London)

Germany

Sebastian Hermann (Germany Environment Agency)

Sigrid Kusch-Brandt (ScEnSers Independent Expertise)

Stefanie Seitz (Deutsches Biomasseforschungszentrum GmbH)

Marco Tepper (German Solar Association)

Daniela Thrän (Helmholtz-Zentrum für Umweltforschung GmbH)

Helena Uhde (Beijing Institute of Technology)

Ghana

Daniel Kofi Essien (DANESSIEN Consult)

Nana Asare Obeng-Darko (University of Eastern Finland)

Flavio Odoi-Yorke (Pan African University)

Greece

Eirini Tsifopoulou (University of Copenhagen)

Ioannis Tsipouridis (R.E.D. Pro Consultants)

Honduras

Marco Antonio Flores Barahona (Universidad Nacional Autónoma de Honduras)

Hungary

Csaba Vaszko

Iceland

Maria Gudmundsdottir (National Energy Authority of Iceland)

Sigurdur Hjaltason (Orkustofnun)

India

Sheikh Adil Edrisi (Banaras Hindu University)

Abhishek Gaur (Feedback Infra Pvt Ltd)

Pallav Purohit (International Institute for Applied Systems Analysis)

Amit Saraogi (Oorja: Empowering Rural Communities)

Prakriti Sethi (Sciences Po)

Daksha Vaja (Sustainable Energy)

Iran

Ebra Gohari (Parsia Business and Market Development Solutions)

Mohammad Hosein Seyyedan (SAMANIR)

Mahdi Torabi Asr (Carnot Renewable Energy Technology)

Italy

Antonello Di Pardo (Gestore dei Servizi Energetici)

Japan

Hironao Matsubara (Institute for Sustainable Energy Policies – ISEP)

Jordan

Diana Athamneh (Jordan Renewable Energy and Energy Efficiency Fund)

Liberia

Augustus Goanue (Renewable Energy)

Libya

Mariam El Forgani (General Electricity Company of Libya)

Mexico

Miguel Ángel Benítez Torreblanca (National Autonomous University of Mexico)

Luis Carlos Gutierrez-Negrin (Geoconsul, SA de CV)

Gabriela Hernández-Luna (CIICAp, Universidad Autónoma del Estado de Morelos – UAEM)

Alejandro Limón Portillo (Centro de Investigación Económica y Presupuestaria)

Moldova

Surugiu Ruslan (AO Pro-Energy)

Mongolia

Myagmardorj Enkhmend (Mongolian Wind Energy Association)

Montenegro

Diana Milev (Green Home)

Myanmar

Simon Bittner (GIZ)

Nigeria

Adedoyin Adeleke (International Support Network for African Development; Centre for Petroleum, Energy Economics and Law)

Mark Amaza (Power for All)

Joshua Fakunle (Centre for Petroleum Energy Economics and Law)

Shehu Ibrahim Khaleel (Renewable Energy Resources Development Initiatives – RENDANET)

Eromosele Omomhenle (Microsoft)

Olawale Tinuoye (Mikano International Limited)

Oman

Maimuna Al Farie (Public Authority for Electricity and Water)

Pakistan

Muhammad Haris Akram (Standing Committee on Scientific and Technological Cooperation – COMSTECH)

Rahat Ali Khan

Peru

Fiorella Ampa (WWF Peru)

Poland

Izabela Kielichowska (Ecofys)

Portugal

João Graça Gomes (Portuguese Renewable Energy Association – APREN)

Susana Serôdio (APREN)

Qatar

Faraj Saffouri (Hamad Bin Khalifa University)

Russian Federation

Nikolay Belyakov

Spain

Concha Canovas (Fundación Renovables)

Mikel González-Eguino (Basque Centre for Climate Change)

Suriname

Jordi Abadal Colomina (Inter-American Development Bank)

Switzerland

Ulrich Reiter (TEP Energy GmbH)

Tanzania

Sixbert Mwanga (Climate Action Network)

Lugano Wilson

Togo

Nilto Labah-Niemeyer (European Central Bank)

Dosse Sossouga (Amis des Etrangers au Togo)

Ukraine

Andriy Konechenkov (Ukrainian Wind Energy Association / World Wind Energy Association – WWEA)

Galyna Trypolska (Ukrainian National Academy of Sciences)

Uruguay

Secretary of Energy – Ministry of Industry, Energy and Mining (Uruguay)

Uzbekistan

Nizomiddin Rakhmanov (Tashkent State Technical University)

Vietnam

Linh H. Blanning

Zimbabwe

Zvirevo Chisadza (SolarEyes International)

Helena Uhde (Beijing Institute of Technology)

LEAD COUNTRY CONTRIBUTORS

ACKNOWLEDGEMENTS (continued)

LEAD COUNTRY CONTRIBUTORS (continued)

LEAD TOPICAL CONTRIBUTORS

Concentrating Solar Thermal Power

Luis Crespo Rodriguez (European Solar Thermal Electricity Association)

Piero de Bonis (European Commission)

David Walwyn (University of Pretoria)

Corporate Sourcing

Eftimiya Salo (IRENA)

Costs

Andrei Ilas (IRENA)

Pablo Ralon (IRENA)

Distributed Renewablesfor Energy Access

Hary Andriantavy (African Association for Rural Electrification – CLUB-ER)

William Brent (Power for All)

Giles Bristow (Ashden)

Jenny Corry Smith (CLASP)

Hannah Daly (IEA)

Yasemin Erboy Ruff (CLASP)

Jon Exel (World Bank)

Silvia Francioso (Global Off-Grid Lighting Association – GOGLA)

Michael Franz (EU Energy Initiative Partnership Dialogue Facility / GIZ / Africa-EU Renewable Energy Cooperation Programme)

Peter George (Global Alliance for Clean Cookstoves – GACC)

Caddi Golia (GACC)

Caitlyn Hughes (Solar Cookers International)

John Kidenda (PowerGen)

David Lecoque (Alliance for Rural Electrification)

Aaron Leopold (Africa Minigrid Developers Association – AMDA)

Neeraja Penumetcha (GACC)

Koen Peters (GOGLA)

Jem Porcaro (UN Foundation)

Elisa Portale (World Bank)

Dana Rysankova (World Bank)

Daniel Alexander Schroth (African Development Bank)

Katherine Steel (Power Africa – US Agency for International Development)

Jessica Stephens (AMDA)

Laura Sundblad (GOGLA)

Adrian Witkamp (European Alternative Fuels Observatory – AEFO)

Enabling Technologies

Jake Bartell (Strategen)

Thomas Nowak (European Heat Pump Association)

Bert Witkamp (AEFO)

Energy Efficiency

Stuart White (ISF-UTS)

Louise Vickery (IEA, ISF-UTS)

Geothermal Power and Heat

Philippe Dumas (European Geothermal Energy Council)

Margaret Krieger (International Geothermal Association)

Global Overview

Bruce Douglas (Global Solar Council)

Carlos Gasco (Iberdrola)

Rainer Hinrichs-Rahlwes (European Renewable Energies Federation; German Renewable Energy Federation – BEE)

Manuel Olivera (C40 Cities)

Lourdes Sanchez (International Institute for Sustainable Development – IISD)

Michael Schack (ENGIE)

Eric Scotto (Akuo Energy)

Anna Zinecker (IISD)

Heating and Cooling

Walter Haslinger (European Technology and Innovation Platform on Renewable Heating & Cooling)

Neil Veilleux (MC Group)

Hydropower / Ocean Energy

Ana Brito e Melo (WavEC)

Mathis Rogner (International Hydropower Association)

Scott Sklar (The Stella Group)

Investment

Simon Bennett (IEA)

Françoise d’Estais (United Nations Environment Programme, Finance Initiative)

Christine Gruening (United Nations Environment Programme-Frankfurt School)

Karol Kempa (United Nations Environment Programme-Frankfurt School)

Angus McCrone (Bloomberg New Energy Finance)

Michael Waldron (IEA)

Solar PV

Carlotta Cambiè (Becquerel Institute)

GTM Research

Denis Lenardič (pvresources)

Gaëtan Masson (Becquerel Institute; IEA Photovoltaic Power Systems Programme)

Dave Renné (International Solar Energy Society)

Michael Schmela (SolarPower Europe)

Solar Thermal Heating and Cooling

Hongzhi Cheng (Shandong SunVision Management Consulting)

Jan-Olof Dalenbäck (Chalmers University of Technology)

Krystyna Dawson (BSRIA)

Pedro Dias (Solar Heat Europe)

Daniel Mugnier (Tescol)

Monika Spörk-Dür (AEE – Institute for Sustainable Technologies – AEE INTEC)

Werner Weiss (AEE INTEC)

Transport

Cornie Huizenga (Partnership on Sustainable, Low Carbon Transport – SLoCaT)

Wind Power

American Wind Energy Association

Daniel Fraile (WindEurope)

Ivan Pineda (WindEurope)

Jean-Daniel Pitteloud (WWEA)

Liming Qiao (Global Wind Energy Council – GWEC)

Tom Remy (WindEurope)

Steve Sawyer (GWEC)

Shruti Shukla (GWEC)

Feng Zhao (FTI Consulting)

Note: Some individuals have contributed in more than one way to this report. To avoid listing contributors multiple times, they have been added to the group where they provided the most information. In most cases, the lead country, regional and topical contributors also participated in the Global Status Report (GSR) review and validation process.

PEER REVIEWERS AND OTHER CONTRIBUTORS

Yasmina Abdelilah (IEA); Dario Abramskiehn (Climate Policy Initiative); Diego Acevedo (Bluerise); Christy Aikhorin (TechnipFMC); Iqbal Akbar (Technical University of Berlin); Juan Alarcon Marambio (Asia Pacific Energy Research Centre); Abdelkader Baccouche (National Agency for Energy Conservtion – ANME); Sarah Baird (Let There Be Light International); Manjola Banja (European Commission Joint Research Centre – EU JRC); Julian Barquin (Endesa); Deanne Barrow (Norton Rose Fulbright); Jörg Baur (GIZ); Anastasiya Berdnikova (Russian Solar Industry Association); Juliette Besnard (World Bank); Yasmini Bianor Canali Dopico (Oldenburg University); Peter Bickel (Center for Solar Energy and Hydrogen Research – ZSW); Rina Bohle Zeller (Vestas); Kristin Bretthauer (GIZ); Sharon Burghgraeve (IEA); Jens Burgtorf (GIZ); Roman Buss (Renewables Academy – RENAC); Luigi Carafa (Climate Infrastructure Partnership); Kanika Chawla (Council on Energy, Environment and Water); Hongzhi Cheng (Shandong SunVision Management Consulting); Kung-Ming Chung (Energy Research Center of the National Cheng Kung University); Ute Collier (IEA); Drew Corbyn (GOGLA); Martin Cracknell (EirGrid); Philipp Creutzburg (GIZ); Edgar Hernan Cruz Martinez (Colombian National Planning Department); Winfried Damm (GIZ); Serena Danesi (Zurich University of Applied Sciences); Nguyen Dang Anh Thi; Kelly Davies (Norton Rose Fulbright); Kurtulus Deger (Durham University); Chang Deng-Beck (ICLEI – Local Governments for Sustainability); Abdou Diop (Association Senegalaise pour la Promotion des Energies Renouvelables); Gabriela Ehrlich (International Electrotechnical Commission – IEC); Anita Eisakhani; Kathryn Emmett (Norton Rose Fulbright); Javier Esparrago (IRENA); David Ferrari (Sustainability Victoria); Daniel Garcia (Solar Thermal Manufacturers Organisation – FAMERAC); Abhishek Gaur (Feedback Infra Pvt Ltd); Ben Grayson (Norton Rose Fulbright); Stefan Gsänger (WWEA); Jonathan Guerrero ; Sylvain Guillaneuf (ALTEN); Veryan Hann (University of Tasmania); Diala Hawila (IRENA); Noel Haynes (InvestinGreen.Energy); Andrew Hedges (Norton Rose Fulbright); Claire Hilton (IEA); Lars Holstenkamp (Leuphana Universitat Lüneburg); Arnulf Jaeger-Waldau (EU JRC); Rod Janssen (Energy In Demand); Tomas Kaberger (Renewable Energy Institute); Aris Karcanias (FTI Consulting); Abdul Matiin Kasim (Brunei National Energy Research Institute); Daniel Kaufman (Norton Rose Fulbright); Izabela Kielichowska (Polish Wind Energy Association); Ånund Killingtveit (Norwegian University of Science and Technology); Benjamin King (US Department of Energy, Office of Energy Efficiency & Renewable Energy – DOE, EERE); Binod Koirala (University of Freiburg / Fraunhofer ISE); Karin Kritzinger (Centre for Renewable and Sustainable Energy Studies, University of Stellenbosch); Bikash Kumar Sahu (MI Solar India Pvt Ltd); Bharadwaj Kummamuru (World Bioenergy Association); Merce Labordena (ETH Zurich); Maryse Labriet (ENERIS); Stefano Lambertucci (European Solar Thermal Industry Federation); Patrick Lamers (Idaho National Laboratory); Ferdinand Larona (GIZ); George Lavidas (Technische Universiteit Delft); Benoit Lebot (International Partnership for Energy Efficiency Cooperation); Seongho Lee (Korea Photovoltaic Industry Association); Sarah Leitner (GIZ) ; Pharoah Le Feuvre (IEA); Debora Ley (Latinoamerica Renovable); Noam Lior (University of Pennsylvania); Yuri Lopez (UAO); Detlef Loy (Loy Energy Consulting); Lorcan Lyons (Lorcan Lyons Consulting); Seungwook Ma (DOE, EERE); Vimal Mahendru (IEC); Jaideep Malaviya (Solar Thermal Federation of India); Chris Malins (Techicct); Ana Marques Leandro; Emily McQualter (IEA); Marcelo Mesquita (ABRASOL); Julia Meunch (Fachverband Biogas e.V.); Michael Milligan (Milligan Grid Solutions); Antonio Moreno-Munoz (Universidad de Cordoba); Cristian Muresan (ENGIE); Namiz Mohamed Musafer (Janathakshan); Federico Musazzi (ANIMA); Marcie Musser (Independent Power Advocate); Michael Nast (German Aerospace Center – DLR); Les Nelson (Solar Heating & Cooling Programs, International Association of Plumbing and Mechanical Officials); Faith Odongo (Ministry of Energy and Petroleum, Kenya); Eromosele Omomhenle (Microsoft); Dorothea Otremba (GIZ); Ginevra Papi (Community Energy England); Karl Peet (SLoCaT); Tony Phillips (La Poste); Kara Podkaminer (DOE, EERE); Pascual Polo (Spanish Solar Thermal Association – ASIT); Edwige Porcheyre (Enerplan); Luka Powanga (Regis University); Caspar Priesemann (GIZ); Roberta Quadrelli (IEA); Daya Ram Nhuchhen (Dalhousie University); Kilian Reiche (iiDevelopment GmbH); Ulrich Reiter (TEP Energy GmbH); Pablo del Rio (Consejo Superior de Investigaciones Científicas, CSIC); Javier Eduardo Rodriguez (Ministry of Energy and Mines of Colombia); Heather Rosmarin (InterAmerican Clean Energy Institute); Maria Ryabova (MGIMO University); Marian Rzepka (GIZ); Kumiko Saito (Solar System Development Association); Kaare Sandholt (China National Renewable Energy Centre); Oleg Savitsky; Deger Saygin (SHURA Energy Transition Centre); Bettina Schreck (United Nations Industrial Development Organization); Stephen Schuck (Stephen Schuck and Associates Pty Ltd); Elmar Schuppe (GIZ); Rui Shan (Duke University); Moustafa Sharshar (Chinese Academy of Sciences; Egyptian Petrochemicals Holding Company); Eli Shilton (Elsol); Fuad Siala (OPEC Fund for International Development); Ralph Sims (Massey University); Manoj Kumar Singh (India Power Corporation Limited); Yogesh Kumar Singh (National Institute of Solar Energy India); Neelam Singh (World Resources Institute); Emilio Soberon Bravo (Mexico Low Emission Development Program); Elizabeth Spong (IEA); Janusz Staroscik (Association of Manufacturers and Importers of Heating Appliances – SPIUG); David Stickelberger (Swissolar); Geoffrey Stiles (Carbon Impact Consultants); Paul H. Suding; Zoltan Szabo (Ethanol Europe); Ian Thomson (Advanced Biofuels Canada); Olawale Tinuoye (Mikano International Limited); Costas Travasaros (Greek Solar Industry Association – EBHE); Daniel Trier (PlanEnergi); Galyna Trypolska (Ukrainian National Academy of Sciences); Tomas Tuominen (GE Renewable Energy); Gaston Turturro (Universidad de Buenos Aires); Kutay Ülke (Bural Solar); Anton Usachev (Russian Solar Industry Association); Robert Van der Plas (Marge); Tineke Van der Schoor (Hanze University of Applied Sciences); Ashish Verma (First Solar); Christelle Verstraeten (GE Global); Arnaldo Vieira de Carvalho (ESCOnsult International); Colin Wain (Hydro Tasmania); Jurei Yada (International Partnership for Energy Efficiency Cooperation); Peter Jianhua Yang (Case Western Reserve University); Abdulmutalib Yussuff (University of Edinburgh); Sufang Zhang (North China Electric Power University).

We would also like to thank Eric Martinot (ISEP), Lead Author Emeritus of the GSR.