Renewable sources accounted for 16% of the EU’s energy consumption in 2014. Biomass has by far the largest share of RES in Europe, followed by hydropower, whereas photovoltaics, solar thermal and wind energy had the highest growth rates between 2005 and 2013. If Member States continue to develop RES at their current rate, the target of a 20% share by 2020 is likely to be reached. However, investment in European RES has fallen in recent years: from US$123 billion (€88 billion) in 2011 to US$62 billion (€47 billion) in 2014 and US$49 billion (€44 billion) in 2015, despite record levels of investment in offshore wind projects. According to the United Nations Environmental Programme (UNEP), the reasons for the drop in investments are regulatory uncertainty caused by retroactive cuts in support levels, an economic downturn in southern Europe, reduction of support levels for solar photovoltaics in Germany and Italy, and big drops in the cost of solar panels.