2016 was a record breaking year for renewables - report

The year 2016 was marked by uncertainty on the political and economic front, but it also saw remarkable success in the renewable energy sector, as outlined in the Renewables 2017 Global Status Report (GSR) by REN21. Christine Lins, Executive Secretary of REN21, spoke from Beijing, China, highlighting the key findings of the report. She emphasized that 2016 was a record-breaking year for renewable energy, with an increase in renewable energy capacity achieved through more affordable investment capital. Investors were able to install more capacity at a lower cost, with significant cost reductions observed in wind and solar energy sectors. In total, the year saw a record-installed capacity of 161 gigawatts accompanied by an investment volume of approximately $242 billion USD. This trend indicates that more electricity is being generated for less investment, signaling a positive shift towards renewable energy adoption globally. While some regions like Sub-Saharan Africa did not rank high in terms of renewable energy investment in 2016, Lins pointed out that South Africa stood out as a champion in the region. However, delays in the renewable energy independent power producer program impacted investment levels in the sector. Lins stressed the importance of governments planning and adhering to set timelines for such programs to boost investment and harness the full potential of job creation and economic growth. Addressing concerns about the impact of U.S. President Donald Trump's decision to withdraw from the Paris climate accord, Lins highlighted a potential scenario of increased cooperation between the European Union, China, and India in the renewable energy space. She noted ongoing collaborations between Europe and China at the Clean Energy Ministerial. Despite political announcements, Lins pointed out that individual states in the U.S., such as California, are forging ahead with ambitious renewable energy targets, with Governor Jerry Brown unveiling a plan for 100% renewable electricity by 2045. In conclusion, the outlook for renewable energy remains positive, with the report indicating a significant surge in investment and capacity in 2016. The sector's ability to attract more capital at lower costs underscores a promising trend towards sustainable and cleaner energy sources. As the world grapples with the challenges of climate change and energy security, the renewable energy sector continues to demonstrate its resilience and growth potential.