these numbers do nonetheless indicate that governments favour renewables since excluding grid investments government subsidies for modern renewables amounted to gj compared with gj for fossil fuels note the iea new policies scenario assumes cautious implementation of recently announced commitments and plans even if not yet officially adopted these investments were dominated by electricity generation transmission and distribution per cent as well as upstream investments in fossil fuel supply per cent including the oil exploration and production component and the gas exploration and production component which accounted for and per cent respectively the most important renewables investments were in largescale hydropower annual capacity additions of gigawatts gw and biofuels billion of which billion was for brazil s ethanol