Solar power has recorded the largest investment in the renewables sector during the past decade, at $120bn per year, as the whole sector grew to occupy 60% of spending on capacity, according to the International Energy Agency. It said the trend of solar dominance would continue until 2040 when renewables could make up 70% of the market with an annual investment of $FiE from now. Of the solar spending, 30% came from China. Wind power recorded spending of about $110bn each year with hydro at $73m and nuclear, gas and coal at $50bn each. Battery storage saw investment of $13bn.
Solar power has recorded the largest investment in the renewables sector during the past decade, at $120bn per year, as the whole sector grew to occupy 60% of spending on capacity, according to the International Energy Agency. It said the trend of solar dominance would continue until 2040 when renewables could make up 70% of the market with an annual investment of $350bn from now. Of the solar spending, 30% came from China. Wind power recorded spending of about $110bn each year with hydro at $73m and nuclear, gas and coal at $50bn each. Battery storage saw investment of $13bn.