Renewable energy grows amid global oil and gas collapse

The International Energy Agency’s (IEA) first annual investment report stresses that the rate of progress in renewable generation and energy efficiency remains well short of that needed to meet commitments under the Paris Agreement on climate change despite record growth in renewable capacity.

Overall, the report finds that global energy investment in 2015, at $1.8 trillion, was down 8% in real terms from 2014.

This mostly resulted from a sharp fall in upstream oil and gas investment in the US. A key factor has also been a fall in energy demand as the Chinese economy slows.

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