"The 2017 total is all the more remarkable when you consider that capital costs for the leading technology—solar—continue to fall sharply," Jon Moore, chief executive of BNEF, commented. "Typical utility-scale PV systems were about 25 percent cheaper per megawatt last year than they were two years earlier."
Solar power dominated half of 2017's total clean energy investments at $160.8 billion, mostly thanks to China's "insatiable appetite" for solar projects, a Bloomberg report noted. China invested $133 billion across all clean energy technologies, with $86.5 billion poured just into solar. The country installed a "runaway" 53 gigawatts of solar capacity last year, BNEF estimated.
Justin Wu, head of Asia-Pacific at BNEF, explained that China's solar boom happened for two main reasons.
"First, despite a growing subsidy burden and worsening power curtailment, China's regulators, under pressure from the industry, were slow to curb build of utility-scale projects outside allocated government quotas. Developers of these projects are assuming they will be allocated subsidy in future years," Wu Said.
"Second, the cost of solar continues to fall in China, and more projects are being deployed on rooftops, in industrial parks or at other distributed locales. These systems are not limited by the government quota. Large energy consumers in China are now installing solar panels to meet their own demand, with a minimal premium subsidy."
Large wind and solar project financings pushed Australia up 150 percent to a record $9 billion, and Mexico up 516 percent to $6.2 billion.
Below are the 2017 totals for other countries investing $1 billion-plus in clean energy:
India $11 billion, down 20 percent compared to 2016
Brazil $6.2 billion, up 10 percent
France $5 billion, up 15 percent
Sweden $4 billion, up 109 percent
Netherlands $3.5 billion, up 30 percent
Canada $3.3 billion, up 45 percent
South Korea $2.9 billion, up 14 percent
Egypt $2.6 billion, up 495 percent
Italy $2.5 billion, up 15 percent
Turkey $2.3 billion, down 8 percent
- United Arab Emirates $2.2 billion, up 23-fold
- Norway $2 billion, down 12 percent
- Argentina $1.8 billion, up 777 percent
- Switzerland $1.7 billion, down 10 percent
- Chile $1.5 billion, up 55 percent
- Austria $1.2 billion, up 4 percent
- Spain $1.1 billion, up 36 percent
- Taiwan $1 billion, down 6 percent
- Indonesia $1 billion, up 71 percent
(photo-*TAFE SA TONSLEY / Flickr)*