UN彭博-2018年全球可再生能源投资趋势报告（英文）-2018-86页-11mb

2018 Global Trends in Renewable Energy Investment Summary

Core Content

The 2018 Global Trends in Renewable Energy Investment report, produced by the Frankfurt School-UNEP Centre and Bloomberg New Energy Finance, provides a comprehensive overview of global renewable energy investment from 2004 to 2017. It highlights the increasing role of renewable energy in the global energy mix, the drivers behind investment growth, and the challenges that lie ahead.

Main Findings

• Renewable Energy Growth: In 2017, 157 gigawatts (GW) of renewable power were commissioned, far exceeding the 70GW of net fossil fuel generating capacity added. Solar power accounted for 98GW, or 38% of the total new capacity.
• Global Investment: Total global investment in renewable energy reached $279.8 billion in 2017, up 2% from 2016, but still 13% below the 2015 peak of $323.4 billion. Cumulative investment since 2004 totaled $2.9 trillion.
• Solar Dominance: Solar energy led the investment growth, with China accounting for 45% of global renewable investment and 53GW of new solar capacity installed.
• Regional Highlights:
  • China was the largest investor in renewable energy, contributing $126.6 billion.
  • United Arab Emirates saw a 29-fold increase in investment.
  • Egypt had a nearly sixfold increase.
  • United States invested $40.5 billion, down 6%.
  • Europe saw a 36% drop in investment, primarily due to policy changes and subsidy reductions.
  • Japan experienced a 28% decline due to grid issues and policy uncertainty.
• Cost Trends:
  • The levelized cost of electricity for solar dropped to $86 per MWh, a 72% decrease since 2009.
  • Wind and solar costs continued to fall, making them more competitive.
• Public Markets and VC/PE:
  • Public markets investment in renewable energy fell to a five-year low of $5.7 billion.
  • Venture capital and private equity (VC/PE) investment also declined, reaching $1.8 billion, the lowest since 2005.
• Emerging Markets:
  • Investment in renewable energy in developing economies rose to $177 billion, a 20% increase, while developed economies saw a 19% drop.
  • Emerging markets like Mexico, UAE, and Egypt showed significant growth in investment.

Key Investment Trends

• Asset Finance:
  • Asset finance remained the largest component of investment, with $216.1 billion in 2017.
  • Small distributed capacity investment rose by 14.5%, reaching $49.4 billion.
• Policy and Support:
  • Policy support and tariff security are critical for investment in renewable energy.
  • The decline in public markets and VC/PE investment suggests a shift toward more institutional and large-scale investment.
• Future Challenges:
  • The report notes that the sector may face challenges such as rising interest rates and the absence of government subsidies.
  • The reliance on private power purchase agreements and merchant power prices could become more significant in the coming years.

Methodology and Definitions

• The report uses data from Bloomberg New Energy Finance's database, which includes information on investors, projects, and transactions in the clean energy sector.
• Investment categories are defined as:
  • Venture Capital and Private Equity (VC/PE): Investment in early-stage and specialist renewable energy companies.
  • Public Markets: Investment in publicly listed renewable energy companies.
  • Asset Finance: Investment in utility-scale renewable projects, excluding large hydro.
  • Mergers and Acquisitions (M&A): Includes asset acquisitions and refinancings.

Conclusion

The report underscores the progress made in renewable energy investment, particularly in solar and emerging markets, while also highlighting the need for continued private sector involvement and policy support to sustain this momentum. It emphasizes that although the sector is maturing, challenges remain in ensuring long-term growth and investment stability.

Key Figures

• Global New Investment in Renewable Energy (2004–2017): $279.8 billion in 2017, up 2% from 2016.
• Solar Investment (2017): $86.5 billion, up 58%.
• Total Renewable Investment (2004–2017): $2.9 trillion.
• Government R&D Investment (2017): $5.1 billion.
• Corporate R&D Investment (2017): $4.8 billion.
• Public Markets Investment (2017): $5.7 billion.
• VC/PE Investment (2017): $1.8 billion.

Summary of Trends

• Solar Energy: Dominated investment growth, with China leading the way.
• Cost Reductions: Continued to drive renewable energy deployment.
• Policy Uncertainty: Affected investment in mature markets like the U.S., Europe, and Japan.
• Emerging Markets: Showed strong growth in renewable investment, especially in Mexico, UAE, and Egypt.
• Private Sector Role: Increased in importance as government support waned.

Acknowledgements

The report was jointly prepared by UN Environment's Economy Division, Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance, and Bloomberg New Energy Finance. It is supported by the Federal Republic of Germany.