The $156bn invested in renewables by developing countries last year for the first time surpassed developed nations, which put in $130bn, according to Global Trends in Renewable Energy Investment 2016, the latest annual study from the UN Environment Programme (UNEP).

The overall total of $286bn, including early-stage and R&D spending, was 3% higher than the previous record year of 2011, said the report, produced in conjunction with the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance and Bloomberg New Energy Finance (BNEF).

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