While the report found that just two per cent of the electricity produced globally comes from renewable sources, such as wind, solar power and biofuels, renewable energy accounts for 18 per cent of all global investment into generating power.
"One of the new and fundamental messages of this report is that renewable energies are no longer subject to the vagaries of rising and falling oil prices," said Achim Steiner, UNEP executive director.
"They are becoming generating systems of choice for increasing numbers of power companies and countries, irrespective of the costs of fossil fuels."
In addition, the study found that the biggest growth in investment in 2006 came in the venture capital and private equity sectors, while the trend is set to continue, with a total of $85 billion expected to be put into renewable energy over the course of 2007.
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