Imagine going through a week of nothing but cloudy, foggy days, only to finally “strike gold” with a bright and sunny one. That’s the journey the clean technology industry has taken over the past several years worldwide, with 2014 being a “golden” year in the field. The market witnessed its most robust investment performance in several years last year, paving the way for an equally promising, green 2015.
Research by the Bloomberg New Energy Finance shows that investment in clean energy increased by a whopping 16% last year to more than $300 billion. The $300 billion-plus investment represents five times more than the $60 billion invested one decade earlier. Industry experts said the solid investments made in 2014 outdid previous projections.
The 2014 jump was mostly attributed to increased investments related to offshore wind power projects as well as solar photovoltaic panels. One of the reasons solar was such a huge contributor was because it has become more competitive cost-wise during the past five years. Costs plummeted by 25% year after year due to decreasing technology costs. Wind energy also increased, and so did energy-smart technologies, according to Bloomberg New Energy Finance.
Some of the biggest jumps took place in China, the United States, Japan, and Canada. In these countries, investment in clean energy increased by 32%, 8%, 12%, and 26%, respectively. It is worth noting that areas that saw a dip in investments in 2014 included small-scale hydro-electric projects, biomass, and biofuels. However, as the clean-energy technology sector continues to prosper overall, the world is sure to witness a huge infiltration of clean technology and thus a new level of green living in the years to come.