Home > News & Events > News

Wind, Solar Power Soaring despite Low Prices for Fossil Fuels

Wind and solar power appear set for a record-breaking year in 2016 as a clean-energy construction boom gains momentum in spite of a global glut of cheap fossil fuels.    
Installations of wind turbines and solar panels soared in 2015 as utility companies went on a worldwide building binge, taking advantage of falling prices for clean technology as well as an improving regulatory and investment climate.    
solar energy testingIn a new analysis, Bloomberg New Energy Finance finds that 2015 was a record year for global investment in the clean energy space, with $ 329 billion invested in wind, solar panels, biomass plants and more around the world.     
Orders for 2016 solar and wind installations are up sharply, from the United States to China to the developing economies of Africa and Latin America, all in defiance of stubbornly low prices for coal and natural gas.    
Energy analysts say the boom is being spurred in part by improved technology, which has made wind and solar more competitive with fossil fuels in many regions. But equally important, experts say, is better access to financing, as major Wall Street investment houses adopt a more bullish posture toward an industry that was once considered financially risky.     
In China, the world’s leader in coal consumption and greenhouse-gas emissions, demand for coal is down for the second straight year, while investment in solar and wind is soaring, according to figures by the International Energy Agency. China is expected to double its wind-power capacity to nearly 350 gigawatts over the next decade, more than any other country. Officials also intend to generate 200 gigawatts of solar by 2020.