Renewable energy isn't just supplying more energy, but its investments worldwide have also increased significantly. The United Nations Environment Program reported that since 2013 global investment in Renewable Energy has risen 17%. This past year saw the worldwide investment jump to $270 billion. The report also stated that for the first time carbon-free energy producing installations surpassed 100,000 megawatts of capacity.
Solar and Wind were the two renewable sources of energy that saw the largest investments. In Japan and China $75 billion went into solar power alone. In the first quarter of 2015 China added five gigawatts of solar capacity. This brings China's total energy supplied by solar energy 33 gigawatts.
This increase of renewable energy is mirrored by the reduction of the cost for renewable energy. In 1970 the cost of solar panels per watt was $150, now the price is $0.60 per watt. According to the International Renewable Energy Agency solar panel prices have dropped 75% since 2009. In the United States the average cost of generating solar energy is $130 per megawatt hour. This contrasts favorable when compared to the $147 per megawatt hour that coal requires.
So based off of this information, do you think that Renewable Energy's growth is a sign that the world is switching off of harmful carbon emitting energy sources?