In 2004, according to Bloomberg New Energy Finance and the International Energy Agency, investment in renewables was $52 billion, with $250 billion invested in fossil fuels. By 2008 the peak in fossil fuel investment had arrived: it dropped to $140 billion, while renewables overtook it with $155 billion in investment.
By 2010 the amounts were $90 billion in fossil fuels and $211 billion in renewables, and by 2011 only 14% or $40 billion of investment was in fossil fuels while 86% or $260 billion was in renewables.
King coal has in fact been dethroned. It will take a while for the global power system to phase out old power stations and be dominated by renewables, but the transition is proceeding much faster than imagined by most institutions, as well as media
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