Study says Canada lags behind in renewable energy investment

Mar 01, 2016, 23:41
Study says Canada lags behind in renewable energy investment

That's one of the surprising trends identified in A Year for the Record Books, the latest report in Clean Energy Canada's annual Tracking the Energy Revolution series, which identifies clean energy market trends globally and in Canada.

It isn't all good news, as Canada experienced a 46% decline in investment - from $7.4 billion to $4 billion - compared with 2014. "Canada's performance in 2015 is unsettling, and markedly out of step with other nations", the Vancouver-based initiative stressed.

Against a precarious backdrop of tumbling oil prices, 2015 saw $367bn invested into new renewable power capacity and generators - $114bn more than what was spent on new fossil fuel generation - a new report has found.

Clean Energy Canada, which works to accelerate the transition to renewable energy, said an unprecedented US$367 billion was invested globally in renewable power in 2015, and the Paris commitments will boost its momentum.

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But Clean Energy Canada suggested this was anomalous and the clean energy priorities of the recently elected Liberal Party and new state targets pointed to a positive future for renewables. Canada ranked eighth in global investment.

They're already cost-competitive in 30 countries, she said, adding that in a place such as Alberta, with large wind power potential, renewables can already compete with fossil fuels.

- The top-five destinations for clean energy investment dollars were China (US$110.5 billion), the United States (US$56 billion), Japan (US$46 billion), the United Kingdom (US$23.4 billion), and India (US$10.9 billion).

In the US, it says, the unsubsidized technology cost of wind energy has come down 61 per cent since 2009, and utility-scale solar photovoltaic is down 82 per cent, thanks to improved efficiency and lower costs of components like panels, inverters and turbines. Africa and the Middle East collectively received $13.4 billion, according to the report.

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California and PG&E continue to set the pace as national leaders in clean energy and greenhouse gas reductions.

So. Happy Monday clean energy fans.

The sale of renewable energy credits has created a pretty unbelievable headline out of Vermont: Consumers there are using no renewable energy, "partly due to flawed renewable energy policies", according to the new report from Vermont Law School.

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