Investments in renewable energy worldwide soared to $329 billion last year, topping fossil fuel energy investments, according to Michael Liebreich, chairman of the advisory board of Bloomberg New Energy Finance.
Total green energy investments last year advanced by 4 percent from the preceding year, despite a strong uptick in supplies of oil and gas and flat to declining electricity sales by utilities in the face or growing energy efficiency initiatives.
“Renewable energy is now attracting more capital that fossil capacity,” Liebreich said at the Distributech conference in Orlando this week.
Clean energy investment last year for the first time was greater in the developing world at $167 billion than in the developed world, where it registered $162 billion, he said.
With solar energy costs plunging 85 percent in the last five years, the march towards increased reliance on renewables “is not going away,” Liebreich said.
The development of more supplies of renewable energy at a time of abundant natural gas resources should trigger dramatic changes in the utility and energy sector.
“We are in an extraordinary age of energy plenty,” Liebreich said. “Who is going to capture the customer?”