Posted on: 17/01/2017
A slowdown in investment in China and Japan led to an 18% drop in global clean energy investment last year to $287.5 billion (£235.6bn).
Figures from Bloomberg New Energy Finance (BNEF) showed China was down 26% from 2015’s all-time high of $119.1bn to $87.8bn, while Japan fell 43% to $22.8bn.
Justin Wu, Head of Asia for BNEF, said: “China is facing slowing power demand and growing wind and solar curtailment.
“In Japan, future growth will come not from utility-scale projects but from rooftop solar systems installed by consumers attracted by the increasingly favourable economics of self-consumption.”
Offshore wind record
The overall fall in global clean energy investment came despite a record $29.9bn investment in offshore wind projects, up 40% year-on-year.
Jon Moore, Chief Executive of BNEF, said: “The offshore wind record last year shows that this technology has made huge strides in terms of cost-effectiveness, and in proving its reliability and performance.
“Europe saw $25.8bn of offshore wind investment, but there was also $4.1bn in China, and new markets are set to open up in North America and Taiwan.”
> Read BNEF's announcement