Global Treads in Renewable Energy
Despite the crash of global fossil fuel price, clean energy have been able to attract record investment around the globe. Over the 18 months to the end of 2015, the price of Brent Crude oil plunged 67% from $112.36 to $37.28 per barrel, the price of coal dropped from $73.70 to $47.60 per ton and the price of natural gas in US fell 48% from $4.42 to $2.31 per million British thermal unit.(Bloomberg New Energy Finance) Though these fossil fuel prices kept falling, the world was more attracted towards installing renewable energy sources as they have become more conscious about global warming and want to reduce their carbon foot print.
Wind and solar are now being adopted in many countries as they reduce a country dependence on fossil fuel and exposure to high prices, can be built in short period of time to meet the demands for electricity and the cost of producing energy is also low. According to UNEP, Global renewable energy investments in 2015 smashed fossil fuel investments with a world record $286 billion invested, raising the 12-year cumulative total to $2.3 trillion. UNEP in its report said that coal and gas-fired electricity generation drew in less than half the total investment made into the renewable energy industry. Specifically, global investment in new renewable energy capacity was $266 billion was more than double coal and gas’ estimated $130 billion.