A recent report published by Vancouver’s Simon Fraser University labelled the UK as ‘one of the top five destinations’ for investment in renewables, attracting £17 billion in investments in 2015.
The study by Clean Energy Canada – a green initiative penned by Simon Fraser University – revealed that a record £265 billion was invested in renewables worldwide last year.
The amount tops that invested in new fossil fuel plants during the same year, which stood at just £182 billion in comparison.
Experts had predicted that clean energy financing would slump in the face of falling gas, oil and coal prices, but Clean Energy Canada’s study seems to suggest otherwise.
The UK, labelled as ‘one of the top five’ investment destinations, came in below China, the US and Japan – but ahead of India.
Experts believe that renewables were boosted by falling technology costs, with the report suggesting that in the US the unsubsidised cost of wind power dropped 61% in the last six years, and solar power fell by an even greater 82%.
Merran Smith, executive director of Clean Energy Canada, said: “A third of a trillion dollars was invested in renewable power – that’s serious money and it set a new record for global clean energy investment, even in the face of stiff competition from cheap fossil fuels
“The cost of producing clean energy keeps dropping, and the fuel – sun, wind, water – is free.
“There’s no wonder clean energy is gaining momentum around the world. It stands in stark contrast with fossil fuel markets, which have seen such high highs and low lows.”