There’s new evidence that fossil fuels are getting crushed in the ongoing energy battle against renewables

Xinyi photo-voltaic power station on August 21, 2016 in Songxi, China.

caption
Xinyi photo-voltaic power station on August 21, 2016 in Songxi, China.
source
Feature China / Barcroft Images / Barcroft Media via Getty Images

  • The world added more solar power capacity than fossil fuels in 2017, a sign of the sector’s strength.
  • The sector attracted $160.8 billion in investment in 2017.
  • China was the biggest investor in renewable energy in 2017, sinking $126.6 billion into the industry, a 30% increase over 2016.

The world added more solar power capacity than any other type of energy in 2017, outpacing all fossil fuels, according to a new report from the United Nations Environment Programme (UNEP).

In 2017, solar energy attracted $160.8 billion in investment in 2017, an 18% increase over 2016.

Renewable energy, including wind, hydro, and solar, supplied a record 12% of the world’s energy needs, according to the report.

Global investment in renewable energy held steady over last year, with over $200 billion invested. China was the biggest contributor, sinking $126.6 billion alone into the sector, a 30% increase over 2016, according to the report.

Since 2004, the world has invested over $2.9 trillion into renewable energy.

The chart below shows net capacity growth for different electricity sources, factoring in power plant closures. Coal was the hardest hit, according to Carbon Brief:

Global growth net electricity chart

source
Shayanne Gal/ Business Insider