Global investments on renewable energy have grown two-fold in the last one year when compared to money spent on coal and gas power plants. Emerging economies spent more on renewable power and fuels when compared to the rich countries, BBC cited the Renewable Global Status report as saying.
In the last few years, global expenditure on renewables has been increasing and in 2015 the spending was at its peak. More than eight million people currently work in renewable energy across the globe.
In 2015 alone, as much as 147 Gigawatt of capacity was added from all sources, the report said. Countries such as India, U.S., China and the U.K. have added to the share of renewable power.
"The fact that we had 147 GW of capacity, mainly of wind and solar is a clear indication that these technologies are cost competitive (with fossil fuels). They are all preference for many countries and more and more utilities and investors and that is a very positive signal," BBC quoted Christine Lins, executive secretary of REN21, as saying.
REN21 is an international organisation, which has energy experts, non-governmental organisations and government representatives, who worked on the report.
For the first time, emerging economies or developing countries, spent more on renewables when compared to rich nations. According to Lins, emerging economies are now focusing towards renewables.
Global investments in renewables reached a peak of $286 billion last year, BBC added.
Renewable energy is reportedly a leading source of electricity for Europe; it provides 44 percent of the European Union's capacity.