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2018 Global Landscape of Renewable Energy Finance Summary

Core Content

This report provides an overview of the global renewable energy finance landscape from 2013 to 2016, highlighting key trends, investment sources, and the role of public and private finance. It also outlines an outlook for the renewable energy sector through 2018 and beyond, emphasizing the need for increased investment to meet climate goals.

Key Findings

• Renewable energy capacity growth continued to rise, even as investment levels declined in 2016.
• Investment trends were heavily influenced by policy changes and falling technology costs.
• Solar PV and wind power dominated global renewable energy investment, accounting for 93% of total finance in 2016.
• Offshore wind investment saw a near fourfold increase between 2013 and 2016.
• Private investment made up over 90% of global renewable energy investment in 2016.
• Public investment played a crucial enabling role, especially in early-stage projects and new markets.
• Risk mitigation instruments were used more in developing regions to support renewable energy projects.
• Policy changes, such as feed-in tariff reductions, had a major impact on investment flows.

Investment by Technology

• Solar PV and wind power (onshore and offshore) accounted for the majority of investment, rising from 82% of total renewable finance in 2013 to 93% in 2016.
• Solar PV investment was the largest component, with significant contributions from China, the US, and OECD Asia.
• Offshore wind investment increased sharply, from USD 7 billion in 2013 to USD 27 billion in 2016, with its share of total wind investment rising from 10% to 25%.
• Hydropower investment declined significantly from USD 14 billion in 2013 to USD 3.1 billion in 2016, though this is not necessarily a global trend due to the lumpy nature of large dam projects.
• Biomass-fired power investment peaked at USD 9 billion in 2014, then declined to USD 5 billion in 2016.
• Geothermal investment remained stable, averaging USD 2 billion annually.
• Biofuels investment dropped from USD 1.7 billion annually to USD 250 million in 2016.
• Marine energy investment averaged less than USD 75 million per year, mostly in small tidal lagoon projects.

Investment by Region

• East Asia-Pacific was the largest destination for renewable energy investment, rising from USD 64 billion in 2013 to USD 114 billion in 2015, then declining slightly to USD 88 billion in 2016, primarily due to changes in China.
• OECD Asia (Japan, Israel, Republic of Korea) saw investment grow from USD 32 billion in 2013 to USD 37 billion in 2014, then sharply decline to USD 15 billion in 2016 due to Japan's reduced solar PV feed-in tariffs.
• OECD Americas (Canada, Chile, Mexico, US) investment peaked at USD 52 billion in 2015, driven by the US solar PV and wind markets, and remained at USD 51 billion in 2016.
• Latin America-Caribbean mirrored the global trend, peaking at USD 17 billion in 2015 before falling to USD 9 billion in 2016.
• Western Europe investment peaked at USD 73 billion in 2015, but declined to USD 53 billion in 2016, mainly due to policy changes in Germany and the UK.

Investment by Financial Instrument

• Grants and concessional finance accounted for a minimal share of total renewable energy finance.
• Commercial debt and equity were the primary sources of financing for utility-scale solar PV and onshore wind, with global average debt-to-equity ratios between 60% and 70%.
• Development finance institutions (DFIs) played a major role in public investment, accounting for 85% of public finance in 2013-2015 and 73% in 2016.
• Risk mitigation instruments were extended in Asia (USD 793 million) and Africa (USD 552 million) to support projects in emerging markets.

Contrast Between Public and Private Investment

• Private investment constituted the majority of global renewable energy investment, with over 90% of USD 263 billion in 2016.
• Project developers accounted for 40% of private investment annually, concentrated in China, Japan, the UK, and the US.
• Institutional investors contributed less than 1% to global investment, peaking at USD 3 billion and USD 2 billion in 2015.
• Public investment was more balanced between in-country and international projects, accounting for 8% of total investment in 2016.
• Public finance in Western Europe and Latin America-Caribbean was the highest, with USD 14 billion and USD 9 billion respectively in 2013-2015.
• Public spending on renewable energy policies far exceeded direct public investment, with Western Europe spending at least USD 66 billion annually in 2015 on renewable electricity support.

Outlook

• Global investment in renewable energy is expected to reach USD 25 trillion by 2050, tripling current annual investments.
• Private finance will continue to be the main driver, but institutional investors must be scaled up to meet this target.
• Public finance needs to be expanded, especially in emerging economies, and used more strategically to support new investments.
• Falling technology costs will help increase the global uptake of renewables.
• Solar PV and onshore wind will remain central to the renewable mix, with further cost declines expected.
• Offshore wind is poised for continued growth, with recent auctions showing falling costs.
• Concentrated solar power (CSP) may see a boost due to its potential for energy storage.
• China, the US, India, and other key markets will be critical in shaping future investment trends.
• Emerging markets such as Argentina, Indonesia, and Viet Nam also offer significant growth potential.

Summary of Investment Patterns

Investment by Source

• Private sources accounted for over 90% of global renewable energy investment in 2016.
• Project developers contributed 40% of private investment, with a high of USD 69 billion in 2015.
• Commercial financial institutions accounted for 23% of private investment in 2014-2016.
• Corporate investment declined from 27% in 2013-2014 to 14% in 2015-2016, largely due to reduced solar PV investment in Japan.
• Institutional investors contributed less than 1% of global investment, with peaks in 2015.

Conclusion

The global renewable energy finance landscape is dynamic, shaped by policy changes, cost reductions, and the evolving roles of public and private actors. While private investment dominates, public finance remains essential for enabling early-stage projects and supporting new markets. The outlook for 2018 and beyond is positive, with a focus on scaling up investment to meet climate targets and leveraging technological advancements to drive further adoption of renewables.