World's renewable energy investments at US$ 303 bln in 2015:Diplomatic Center

The world's investments in renewable energy projects had reached US$ 303 billion in 2015, said the Diplomatic Center for Strategic Studies Wednesday.

According to a report by the center, carried by KUNA, the investment shares in renewable energy resources in 2015 was at 17 percent, an increase by one point from 2014's 16 percent.

The International Energy Agency (IEA) revealed renewable energy usage between 2011 and 2015 increased by 40 percent due to the low cost in harnessing solar and wind powers, said the center.

The report added that renewable energy had contributed immensely to the production of electricity by 154 megawatts in which around 76 percent was solely produced by wind turbines and solar panels.

As for the numbers in the Middle East, the report claimed that countries in the region had tripled its renewable energy investments in 2015.

The center has attributed the keen interest in renewable energy in the Middle East to the developing technologies in this field and low costs.

In Morocco, the lowest wind speed produced electricity that amounted to USD 28 kilowatt hour while in Dubai it amounted to USD 30 kilowatt hour, said the center's report.

Hammering on the validity of renewable energy investments in the region, the International Renewable Energy Agency (IRENA) revealed that the cost for producing electricity through solar panels in the UAE went down to a staggering 75 percent between 2008 and mid-2014 from US$ 7 to 1.5 per watt.