Previously dismissed as marginal technologies, renewables have become “increasingly mainstream and competitive with conventional energy sources.” This is the conclusion of a new report on the global status of renewable energies by the REN21 Network.

 

The new report finds that investment in renewable power (not including large hydropower projects) and fuels reached $244 billion last year. If only net investments (in projects which add rather than replace generating capacity) are considered, global investment in renewables surpassed investment in fossil fuels for the third year in a row.

Renewable energy technologies have also overtaken large hydropower projects as a source of new power generating capacity. In 2012, a whopping 45 gigawatts (GW) of new wind power plants came online. Solar power added 30 GW – on par with large hydropower – and has now surpassed the milestone of 100 GW.