/ Global Solar PV Capacity Reaches 177GW

On June 18, 2015, The Renewable Energy Policy Network for the 21st Century (REN21), headquartered in France, published the Renewables 2014 Global Status Report

The main topics in 2014 were: “New investments in renewable power and fuel reached at least USD 301 billion, which accounted for more than 60% of the net investment in power capacity additions; The largest increase in capacity occurred in the power sector, led by wind, solar PV, and hydropower; and Japan now has the second largest solar PV capacity in the world.”

The increase in annual installations can be attributed to the fact that renewable energy targets and other support policies are now present in 164 countries. According to REN21’s statistics, 135 GW of renewable energy capacity was added in 2014, thereby boosting the cumulative global figure to 1,712 GW, which shows an increase of 8.5% as compared to 2013.

Within the renewable energy sectors, 2014 marked another record year for solar PV growth. An estimated 40 GW was installed for a total global capacity of about 177 GW, which was an increase of 48 times over the past 10 years, as compared to the capacity of 3.7 GW in 2004. In 2014, China, Japan, and the United States accounted for the vast majority of new capacity with 10.6 GW, 9.7 GW and 6.2 GW respectively.

New investments in renewable power and fuels (not including hydropower >50 MW) increased 17% over 2013 to USD 270.2 billion. Including large-scale hydropower, new investments in renewable power and fuels was an estimated USD 301 billion. Investments in the renewable power capacity was more than twice that of net fossil fuel power capacity, continuing the trend of renewables outpacing fossil fuels in net investment for the fifth year running. In terms of dollars spent, the leading countries for investment were China, the United States, Japan, the United Kingdom and Germany. Leading countries for investments relative to per capita GDP were Burundi, Kenya, Honduras, Jordan, and Uruguay.

In developing countries, investment in renewables was up 36% from the previous year to USD 131.3 billion. This number came the closest ever to surpassing investment totals for developed economies, approximately USD 138.9 billion in 2014. China accounted for 63%, while Chile, Indonesia, Kenya, Mexico, South Africa and Turkey each invested more than USD 1 billion in renewable energy.

Despite the global average of 1.5% in annual energy consumption increase in recent years, and an average of 3% growth in GDP, carbon dioxide (CO2) emissions in 2014 were remained at 2013 levels. For the first time in four decades, the world’s economy grew without a parallel rise in CO2 emissions. The landmark “decoupling” of economic and CO2 growth is due in large measure to China’s increased use of renewable resources, and efforts by countries in the Organisation for Economic Co-operation and Development (OECD) to promote more sustainable growth, including the increasing usage of energy efficient and renewable energy.


“Global Solar PV Capacity Reaches 177GW.” Of Week. Of Week, 25 June 2015. Web. 22 July 2015