According to the United Nations Environment Programme (UNEP), global investments in renewable power generation capacity fell by 14% in 2013, reaching US$214.4bn. The investment drop of US$35bn is partly due to the falling cost of solar PV systems, but also to policy uncertainties in many countries. Globally, renewables (excluding large hydro) accounted for 44% of newly installed generating capacity in 2013. Without renewables, world energy-related CO2 emissions would have been an estimated 1.2 Gt higher in 2013. Large hydro-electric projects were another important area of investment with at least 20 GW of capacity estimated to have come on stream in 2013, equivalent to approximately US$35bn of investment. Although investment in renewable energy capacity, including all hydro, in 2013 was once again below gross investment in fossil-fuel power, at US$227bn compared to US$270bn, it was roughly double the net figure for investment in fossil-fuel power excluding replacement plant.
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