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initiative, launched in 2012, aims to further boost international development in the fields of energy access, renewable energy deployment, and energy efficiency. While some countries had already established targets for 100% energy access, SE4ALL has encouraged many more countries to commit to this goal.19 The last decade has also brought a series of institutional changes. REN21—the Renewable Energy Policy Network for the 21st Century—was created as an outcome of the Renewables 2004 conference in Bonn, Germany. REN21 was established as the multi-stakeholder “coalition of the willing,” bringing together key actors from both the private and public sector to facilitate a rapid global transition to renewable energy. Five years later, the International Renewable Energy Agency (IRENA) was founded and, by early 2014, it already counted 130 member countries, demonstrating the interest of most countries around the world in advancing renewable energy. Throughout the decade, the International Energy Agency has scaled up its analytical work on renewable energy, and all of these organisations work together closely to raise the profile of renewable energy. ■■INVESTMENT ON THE RISE Reflecting these developments, global investment in renewable power capacity and fuels increased more than fivefold over the period 2004–2013.20 In terms of net additions to electric generating capacity, global annual investments in renewable energy have exceeded those for fossil fuels since 2009.21 Total global investment (both public and private) in R&D for renewable energy technologies has nearly doubled over the past decade.22 Investment in utility-scale electricity projects (asset finance) has played the largest role in the growth of the renewable energy sector, with a 33% compound annual growth rate from 2004 to 2011, although investment in this area has fallen slightly in recent years. Investment in small-scale distributed generating capacity has seen significant growth since 2004, decreasing only slightly since record levels were reached in 2011.24 Declines have resulted from policy uncertainty in several countries, but have also reflected a steep decline in system prices for solar PV.25 While public market investment in renewables has fluctuated over the past decade, it has maintained multibillion-dollar levels since taking off in 2005.26 Commercial banks were just starting to enter the renewable energy sector in 2004, at a time when the majority of financiers and other investors considered most renewable technologies to be unproven and too risky. Today commercial banks are joined by pension funds, insurance companies, major corporations (including several outside of the energy industry), and others looking for stable, long-term returns. Now that renewables are becoming economically competitive and investors are increasingly recognising their value, a key to further development will be the design of effective financing tools to overcome initial investment costs. Several financial innovations have been developed since 2004. Recently, investment firms introduced tools such as Sustainable Yield Bonds in the United States, Green Bonds in France and the United States, and the Renewable Financing Company Bonds in the United Kingdom.27 Further innovations, ranging from crowd funding to new ownership models (such as leasing), are making it possible for individuals and communities to invest in renewable energy. ■■THE EVOLVING POLICY LANDSCAPE The global policy landscape has largely driven the expansion of renewable energy technologies by attracting investment and creating markets that brought about economies of scale and supported technology advances. This in turn, led to decreasing costs, which ultimately fuel sustained growth. A handful of countries—particularly Germany, Denmark and Spain—led the way and created innovative policies that drove much of the change witnessed over the past decade. Today, Germany’s commitment to the “Energiewende”—the transition to a sustainable economy based on renewable energy and energy efficiency—as well as Denmark’s commitment to 100% renewable energy by 2050, are inspiring many other countries around the globe to aim high for the coming decades. Since 2004, the number of countries promoting renewable energy with direct policy support has tripled, from 45 to 137, and an ever-increasing number of developing and emerging countries is setting renewable energy targets and enacting support policies.28 Policy targets have become increasingly ambitious, while their focus has expanded to include heating, cooling, and transport, in addition to electricity. In parallel, policy mechanisms have continued to evolve, including the use of policy instruments differentiated by technology, the evolution of feed-in policies towards premium payments, as well as the spreading of policy frameworks to promote renewable energy use for heating and cooling. Globally, renewable energy targets together with feed-in tariffs have had the biggest impact on renewable energy market introduction. Feed-in policies now exist on every continent, with Jordan, Nigeria, Rwanda, Uganda, the Palestinian Territories, Kazakhstan, and Ecuador being among the most recent countries to enact them.29 In many countries, particularly in Europe, variable renewables have achieved high shares of penetration in the electricity sector very rapidly. Existing power systems were not designed to cope with such a situation. In response, policy mechanisms that focus on market design are emerging to address needs relating to balancing and increased system flexibility, as well as financial compensation for these services. Policies are also starting to address the need for expanded and improved grid infrastructure, and increasingly they include new tools and technologies to support renewables, such as energy storage and smart grids. RENEWABLES 2014 GLOBAL STATUS REPORT 103 06PDF Image | About ElectraTherm
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