Investment in renewable energy dips globally as prices fall

AP News
Posted: Apr 06, 2017 9:01 AM

BERLIN (AP) — A U.N.-backed report says global investments in renewable energy fell by almost a quarter last year amid a drop in prices and lower spending in some markets.

The United Nations Environment Program said Thursday that overall investments reached $241.6 billion last year, down from $312.2 billion in 2015.

Still, investors got more bang for their buck: renewable energy capacity grew 8 percent to 138.5 gigawatts from 127.5 gigawatts the year before.

That's because the price of installing solar, wind and other systems for generating renewable energy fell last year.

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China invested less than the previous year for the first time in over a decade. U.S. investment also dropped by a tenth.

European electricity industry association EURELECTRIC announced Tuesday its 3,500 members won't invest in new coal-fired power plants after 2020.