From China to Mexico, renewable energy investments are hot.
Global investment in renewable power and fuels reached $270.2 billion last year, nearly 17% higher than in 2013, according to a new study on renewable energy investment from the United Nations Environment Program.
This figure marks the first increase in three years.
Together, wind, solar, biomass and waste-to-power, geothermal, small hydro and marine power are estimated to have generated 9.1% of the world’s electricity in 2014, compared to 8.5% in 2013.
China led the pack as the location of the biggest renewable energy investments last year, with $83.3 billion, followed by the U.S. at $38.3 billion and then Japan with $35.7 billion.
While solar installation boomed in China and Japan, and offshore wind projects in Europe garnered $18.6 billion, some of the most notable renewable investment increases came from developing countries.