Global investment in clean energy is down 14% from the previous quarter, according to Bloomberg New Energy Finance (BNEF).
“The latest setback reflects policy uncertainty in Europe, the lure of cheap gas in the US, a levelling-off in wind and solar investment in China, and a general weakening of political will in major economies,” says Michael Liebreich, chief executive of BNEF. “Governments accept that the world has a major problem with climate change but, for the moment, appear too engrossed in short-term domestic issues to take the decisive action needed.”
The U.S. saw its total fall to $5.5 billion in Q3, down from $9.4 billion in the previous quarter. The only countries to see a rise in investment both over the previous quarter and year was Canada, Chile, and Uruguay.
Investment in small-scale capacity of less than 1MW – mostly rooftop solar on homes and commercial buildings – was more resilient, at $17 billion in Q3, level with the previous quarter and below third quarter 2012′s $20.1 billion only because the cost of PV panels has come down so sharply.
The full report can be read on BNEF’s website.