Investment in renewable energy dips globally

Berlin - A UN-backed report says global investments in renewable energy fell by almost a quarter last year amid a drop in prices and lower spending in some markets.

The United Nations Environment Program said on Thursday that overall investments reached $241.6bn last year, down from $312.2bn in 2015.

Still, investors got more bang for their buck: renewable energy capacity grew 8% to 138.5 gigawatts from 127.5 gigawatts the year before.

That's because the price of installing solar, wind and other systems for generating renewable energy fell last year.

China invested less than the previous year for the first time in over a decade. US investment also dropped by a tenth.

European electricity industry association EURELECTRIC announced on Tuesday its 3 500 members won't invest in new coal-fired power plants after 2020.

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