Led by solar power, global investment in renewable energy increased 16% in 2014 year-on-year. Solar and wind led the charge, but biofuels investment fell back a bit. “China was the clear national leader, with investment rising 32% to $90bn, with the US second, up 8% to $52bn, and Japan up 12% to $41bn. Canada, Brazil and India all saw significant rises too, to about $9bn. But in Europe, despite the flurry in offshore wind, investment edged just 1% higher to $66bn. In both the UK and Germany, investment rose 3% to about $15bn, while France jumped up 25% to $7bn, in part due to Europe’s biggest ever solar photovoltaic plant, the 300MW Cestas project.” [The Guardian]

South Korea launched a carbon cap and trade system today intended to help the country meet a greenhouse gas reduction goal of 30% by 2020. The system provides major industrial emitters with an emission allotment. Once a company exceeds their individual threshold they must purchase additional carbon emission credits. “The first carbon trading under the system Monday went for 7,860 won, or $7.26, per metric ton, and increased to 8,640 won, or $7.97, Reuters reported. That price is close to the cost in Europe’s trading system.” [The Hill]

Billionaire Saudi investor Prince Alwaleed bin Talal said the price of oil will never again exceed $100 per barrel. ““I’m sure we’re never going to see $100 anymore. I said a year ago, the price of oil above $100 is artificial. It’s not correct,’ he told the newspaper [USA Today].” [Bloomberg via Financial Post]