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Client Login Oil Prices Crash and Burn as Clean Energy Rises
2015 proved to be a big year for clean energy, despite the continuing decline in fossil fuel prices. A recent analysis by Bloomberg New Energy Finance revealed that clean energy has seen a 4% increase in investment from 2014, totaling more than $328 billion.
The largest focus has so far been on projects like the UK’s Race Bank Offshore Wind Farm, designed to cover roughly 29 square miles and generate enough electricity to power 400,000 homes. More than $2 billion has been invested in this particular project, set to become fully operational by 2018.
Solar was also a big area of focus in 2015, with a global total of more than $67 billion invested in rooftop and other small-scale projects. China continues to lead in clean energy investment at more than $110 billion, with the U.S. trailing behind at just over $56 billion.
In the meantime, fossil fuel prices continue to crash. Earlier this month, gasoline prices hit an 11-year low, decreasing by nearly 8%. Brent crude fell to just $30 a barrel, a huge hit from its $115 high last year, and oil companies seem to be preparing for the worst.
Since prices began falling over a year ago, hundreds of thousands of jobs have been cut, and it’s estimated that BP will cut another 4,000 globally this year. While clean energy initiatives continue to swoop in and create jobs, the deficit remains large, but that’s not stopping the movement.
Countries all over the world are working to make the world a better place and some, like Mexico, Chile and others in Africa are still fairly new to the market. The margin for growth seems infinite, and numbers are expected to continue to rise this year.
To view more of the Bloomberg NEF analysis, click here.