Investment in renewable energy has soared in the last ten years

According to the Global Trends Report on Renewable Energy Investment 2019, global investment in renewable energy over the past decade is expected to reach $ 2.6 trillion. As a result, renewable energy capacity quadrupled from 414 GW at the end of 2009 to 1,650 GW by the end of 2019.

The report's authors further stressed that "these numbers represent a small portion of the overall economic transition needed to deal with climate change," but denoting that this is the right path.

They also considered it important to note that “renewable energy has become much more cost-competitive in the last decade. Since 2009, the levelled cost of electricity has dropped by 81% for photovoltaic solar energy and 46% for onshore wind energy. ”

Now, in many countries of the world, wind or solar is the cheapest option for electricity generation.

"Investing in renewable energy is investing in a sustainable and profitable future, as the last decade of incredible growth in renewable energy has shown," said Inger Andersen, executive director of the UN Environment Program.

Source: Earth