Renewable energy investment ($ 286 bn) surpassed investment in coal and gas ($ 130 bn) in 2015-16 and estimated to amount to $333 bn in 2018-19. Not just the developed countries, but developing countries like Brazil, Philippines, Mexico, Turkey, Chile, Africa, and India are focusing on renewable energy to phase out fossil fuels. Solar has obviously become the world favourite in a short span of time, showcasing its feasibility, low maintenance, prolonged lifespan and easy to install attributes.
The Looming Threat
It is important to note that oil and gas investment in 2016 was close to $ 522 bn, although it was down from 2015’s investment ($ 595 bn), it was still higher than renewables. Therefore, it is apparent that to push out fossil fuels, which is not just an option but a necessity now, the world would require more effort and aggressive investment initiatives.