Investment in renewable technologies around the globe quadrupled installed generation capacity in the decade to 2019.
In total $2.6 trillion was invested in renewables since 2009, of which the UK accounted for $122 billion, According to the Global Trends in Renewable Energy Investment 2019 report.
Solar capacity saw the biggest growth in that period – a 26-fold increase in 10 years – and accounted for half of the total investment.
This shift to renewable investment has resulted in renewables accounting for 12.9% of global generation, and avoided an estimated 2 billion tonnes of carbon dioxide.
“Investing in renewable energy is investing in a sustainable and profitable future, as the last decade of incredible growth in renewables has shown,” said Inger Andersen, Executive Director of the UN Environment Programme.
Renewable’s potential to combine profitability and reduce carbon emissions was highlighted by the University of California (UC) as it announced divestment from fossil fuels.
UC announced that its endowment fund of £13.4 billion would be fossil free by the end of September, with its £70 billion pension fund following shortly.