QOTD: Renewables Investing Passed Fossil Fuels in 2008

You can take this as further evidence of economic derangement in 2008, or of an energy transition inflection point, or something screwy because of oil’s roller-coaster, or even just a back-door sign of outsized stimulus, but this quote from a recent UNEP sustainable energy investing report caught my attention:

2008 was the first year that new power generation investment in renewables was greater than invest in fossil-fueled technologies.

Specifically, according to the report, $140-billion went into renewables worldwide in 2008, while $110-billion went into fossil fuels.

Source:

Global Trends in Sustainable Energy Investing, 2009
UNEP