Renewable energy generation reached a record level in 2013 to meet almost one-fifth of the world’s energy consumption, according to a report published Tuesday.
The annual Renewables Global Status Report also said 144 countries, including 95 developing nations, now support green energy policies.
The report found that the capacity for renewable energy generation increased by 8 per cent in 2013 reaching 1,560 gigawatts (GW), with hydropower accounting for two-thirds of the energy.
The amount of green-energy generation grew in 2013 despite declining support in the European Union and the United States. That decline led to global investment in renewable energy to drop 14 per cent to 214 billion dollars compared with the amount of global investment in renewable energy in 2012.
However, the drop also shows that the cost of renewable energy generation has decreased due to new technologies, which is a positive development, said Christine Lins, executive secretary of the Renewable Energy Policy Network of the 21st Century (REN21), the publisher of the report.
“We see that there’s a decoupling of capacity installed and money invested, which clearly indicates reduction of prices,” Lins said.
“This clearly opens up a lot of possibilities for renewables, especially in emerging economies and developing countries.” In 2013, 95 developing nations had policies supporting the use of renewable energies, which is up from just 15 countries in 2005.