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Sustainability News

Development Banks Pump Billions into Clean Energy

“Development banks are bucking a general downward trend in clean energy investment.

“The institutions, ranging from Germany’s KfW Group to The World Bank Group, pumped a combined $55 billion into renewables and energy efficiency last year, holding steady with the 2015 level of almost $53 billion, according to a Bloomberg New Energy Finance report Aug. 7.

“Global clean energy investment in 2016 overall was down 17.5 percent to $287.5 billion, amid declining costs, according to BNEF. ‘Falling costs mean that it takes fewer dollars every year to set up a megawatt of capacity, but it also makes renewables more competitive against fossil fuel power,’ BNEF analyst Vandana Gombar said in the report.”

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