China leads global solar energy investment as US, Europe lag
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A U.N.-backed report shows more money was invested in solar energy last year than in any other power source, with China responsible for much of the boom.
Overall, a record 98 gigawatts of new solar capacity were installed worldwide in 2017. Global investment in solar topped $160 billion, an increase of 18 percent compared to the previous year.
China alone spent $86.5 billion on solar installations, adding 53 gigawatts of capacity.
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The report, published Thursday, found renewable energy investments in the United States, Europe and Japan declined noticeably in 2017, partly due to falling prices.
Total renewable energy investments reached almost $280 billion last year. Coal and gas accounted for $103 billion, while spending on large hydropower dams and nuclear plants stood at $45 billion and $42 billion respectively.